ANKARA: The current market value of Khazanah Nasional Bhd’s investments in Turkey has appreciated to more than US$2.0 billion from the original US$1.4 billion (US$1.00=RM3.23) investments, thanks to strong bilateral and commercial relations between Malaysia and Turkey.
These investments, made since May 2008, have recorded a profitable and steady rate of growth, reflected in increased market value, Managing Director Datuk Azman Mokhtar said.
“We thank the Turkish government and local partners for their support and this would serve as a strategic platform to foster a deeper relationship between Malaysia and Turkey.
“Our Khazanah Turkey Regional Office, opened in Oct 31, 2013, will continue to enhance regional investments, public and private relationships and business links in this region,” he told reporters here last night.
Khazanah pioneer investment was US$48 million for a 20 per cent stake through Malaysia Airports Holdings Bhd (MAHB), in the second international airport in Istanbul, Istanbul Sabiha Gökçen International Airport (ISGIA).
Azman, who is here in conjunction with the state visit of the Prime Minister Datuk Seri Najib Tun Razak, said another US$300 million has been committed by MAHB to raise its stake in ISGIA to 60 per cent from 20 per cent.
“The transaction is currently pending regulatory approvals. On their side, there are one or two items that need to be resolved but we don’t see a problem,” he said.
In December 2013, MAHB exercised its right of first refusal to purchase a 40 per cent stake in ISGIA held by GMR Group for US$300 million.
In January 2012, Khazanah, together with its 45.2 per cent owned investee company IHH Healthcare Bhd bought 75 per cent stake at an investment cost of US$1.1 billion, in Turkey’s largest private healthcare services provider, Acibadem.
It currently owns and operates over 2,000 beds in a total of 20 hospitals as well as 14 licensed medical centres and ancillary healthcare businesses.
Last year, Acibadem contributed 28 per cent to the IHH’s earnings before interest, tax, depreciation and amortisation, Azman said.
In November 2013, Khazanah via its insurance holding company Avicennia Capital Sdn Bhd purchased a 90 per cent stake in health insurance services provider in Turkey, Acibadem Sigorta for US$252 million. — Bernama