Khazanah gains in Turkey

  • Business
  • Saturday, 19 Apr 2014

Khazanah has a 75% stake in Turkey

PETALING JAYA: The current market value of Khazanah Nasional Bhd’s investments in Turkey has risen to more than US$2bil (RM6.5bil), as its investments register steady growth and profitability.

The Government’s investment arm said in a statement that Khazanah and its investee companies, which had started investing in Turkey since May 2008, had to date invested a total initial cost of US$1.4bil in the country.

Bernama quoted Khazanah managing director Tan Sri Azman Mokhtar as saying that the group’s investments had recorded a profitable and steady rate of growth, as reflected in their increased market value.

Khazanah’s first investment in Turkey was a 20% stake in the second international airport in Istanbul, Istanbul Sabiha Gokcen International Airport (ISGIA), for US$48mil.

This investment was made through Khazanah’s 36.56%-owned unit, MALAYSIA AIRPORTS HOLDINGS BHD (MAHB), in May 2008.

Khazanah said another US$300mil had been committed by MAHB to increase its stake in ISGIA to 60% from the current 20%. But this transaction, it said, was currently pending regulatory approvals.

MAHB had exercised its right of first refusal to purchase a 40% stake in ISGIA held by GMR Group for about US$300mil in December 2013.

Khazanah’s other existing investments in Turkey involve a 75% stake in Turkey’s largest private healthcare services provider, Acibadem Healthcare Group, at an investment cost of US$1.1bil.

This investment was made in January 2012 via Khazanah’s 45.2%-owned investee company IHH HEALTHCARE BHD.

According to Khazanah, Acibadem contributed approximately 28% to IHH’s earnings before interest, tax, depreciation and amortisation last year.

Khazanah also has a 90% stake in health insurance services provider Acibadem Sigorta in Turkey.

The stake was bought in November 2013 via Khazanah’s insurance holding company Avicennia Capital Sdn Bhd.

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