French group raises stake in Turkish TAV airports

By Bekir Gurdamar and Huseyin Demir

ISTANBUL (AA) - Turkey's Akfen Holding said on Friday that it plans to sell a 8.12 percent stake in Turkish airport operator TAV for $160 million.

The Turkish company signed a deal with Aeroports de Paris (ADP) to sell its shares to them. Akfen said on a Public Disclosure Platform (KAP) on Friday that the share price in the deal was $5.42 and the total turnover will amount to $160 million.

With the sale, ADP raises its stake in TAV to 46 percent, and Akfen remains the second-largest shareholder.

After the announcement of the sale, TAV stocks rose 3.2 percent to reach 18.30 Turkish liras ($5.18).

"TAV will remain a Turkish company, with its listing on Borsa Istanbul, the country's main stock exchange," said Hamdi Akin, the chairman of Akfen Holding and TAV.

TAV runs five airports in Turkey, including Istanbul Ataturk, Ankara Esenboga, and Izmir Adnan Menderes airports.

It also operates airports in Georgia, Tunisia, Macedonia, Latvia, Saudi Arabia and Croatia.

Akfen plans to use revenue from the stock sale for a 6.7 billion Turkish liras ($1.9 billion) investment package in Turkey.