EBRD to support Turkish conglomerate

By Dilara Zengin

ANKARA (AA) - The European Bank for Reconstruction and Development (EBRD) is taking part in a bond issued by Turkish conglomerate Dogus Holding, the bank announced on Tuesday.

In a statement, the bank said it would invest 100 million Turkish liras ($28 million) in a four-year 350-million-lira ($99 million) floating rate note.

The bank aims to strengthen the corporate bond market and attract more institutional investors to Turkey.

Dogus Holding is raising funds to expand and consolidate its activities, according to the EBRD.

The family-owned holding is active in seven sectors -- food and beverages, automotive, construction, media, tourism, real estate, media and energy.

Jean Patrick Marquet, EBRD managing director in Turkey, said: “The EBRD is proud to be part of this as it allows us to play an active role in strengthening both the corporate sector, through the provision of new funds, and the development of the capital market, through extending the maturities beyond market level."

Husnu Akhan, chief executive officer of Dogus Group, thanked the EBRD for its support in the development of Turkey's capital markets.

"This issuance is an important achievement for the local bond market in terms of tenor and size," he said.