9< TABOGLU & DEMIRHAN Newsletter 19 May 2014 – 25 May 2014 “ 21 Volume 13, Issue PRIVATIZATION HIGLIGHTS Highlights a. Privatization Higlights b. Competiton News c. Energy Market News d. Capital Markets Updates e. Other News cont’d. As per the dailies, the final negotiations in the tender held by the Privatization Administration for the privatization of hydroelectric power plants through the transfer of operation rights for 49 years have been completed. Accordingly, for the Isiklar Hydroelectric Power Plant having a 0.3 MW installed capacity, five companies had submitted their bids and Metek Hidro Enerji has become the winning bidder with its bid amounting to US$ 1 million 850 thousand. For the Ivriz Hydroelectric Power Plant having a 0.6 MW installed capacity, six companies had submitted their bids. Ulke Yatirim Arastirma Gelistirme Madencilik has become the winning bidder with its bid amounting to US$ 2 million 300 thousand. Finally, for the Kayakoy Hydroelectric Power Plant having a 2.56 MW installed capacity, 12 companies had submitted their bids and Veysi Madencilik has become the winning bidder with its bid amounting to US$ 10 million 300 thousand. The Competition Board has approved the acquisition of a certain part of the shares of Grup Florance Nightingale Hastaneleri by Fiba Saglik Yatirimlari by establishing a joint venture into Grup Florance Nightingale Hastaneleri, on the ground that it would not prevent competition. According to the announcement released on the web-site of the Competition Board, 3M Sanayi ve Ticaret will provide its verbal defense on 23 June 2014 with respect to the investigation held by the Board in order to determine whether the Company has breached the Law on the Protection of Competition Numbered 4054 relating to agreements restricting competition. As per the dailies, Ethem Sancak has applied to the Competition Board for the acquisition of 50% of the shares of each of Star Medya Yayincilik, Star Medya Ajans, Star Matbaacilik and Dinamik Radyo. Ethem Sancak was previously a shareholder in those companies. As per the dailies, the tender for the privatization of Kalamis-Fenerbahce Port through transfer of operation rights for 49 years has been completed. Akin Holding – Edip Gayrimenkul Consortium, Tepe – Kaya Consortium, Tasyapi Insaat Taahhut Sanayi, Safi Gayrimenkul ve Yatirimlari Sanayi, Akdeniz Insaat – Yilport Holding Consortium, Tek-Art Kalamis ve Fenerbahce Marmara Turizm Tesisleri and Dati Yatirim Holding have participated in the tender. Accordingly, Tek-Art, a subsidiary of Koc Holding, has won the tender with its bid of US$ 664 million. Currently, the Port is operated by Tek-Art. COMPETITION NEWS As per the dailies, the Competition Board has granted its permission for the acquisition of 100% of the shares of BMC Ticari ve Iktisadi Butunlugu, a military vehicle manufacturer, by Es Mali Yatirim ve Danismanlik. ENERGY MARKET NEWS The decrees of the Council of Ministers with regards to the urgent expropriation for the construction of power plants and natural gas distribution pipeline projects have been published in the Official Gazette dated 22 May 2014. Accordingly, it has been decided that the immovable properties within the scope of the Calikobasi Hydro-Electric Power Plant and the Yaylakoy Wind Power Plant will be expropriated by the Ministry of Finance. In addition, the immovable properties within the scope of the Gemkopru Regulator and Hydroelectric Power Plant and a natural gas distributing pipeline to be constructed in Kayseri will be expropriated by the Energy Market Regulatory Authority. cont’d. cont’d Page 2 cont’d. OTHER NEWS As per the decision of the Energy Market Regulatory Authority published in the Official Gazette dated 23 May 2014, the Authority has imposed administrative fines on five legal entities in the amount of TL 5 million 20 thousand 382 in total. As per the statement made by Zorlu Enerji in the Public Disclosure Platform, Israel based Dorad Energy Limited in which Zorlu Energy has 25% stake, has begun commercial operations in its natural gas combined cycle power plant with an installed capacity of 840 MW, which has been built in Ashkelon, Israel. According to the announcement made by the Constitutional Court, the Court has cancelled several articles of the Electricity Market Law granting period extension to EUAS, its affiliates and subsidiaries for compliance with the Environmental Law and providing a new license to the premises, the constructions of which have started. Accordingly, the cancellation decision will come into force within six months following the date on which the decision is published in the Official Gazette. According to the 1,000 top exporters list of Turkey announced by the Turkish Exporters’ Assembly, Tupras has become the last year’s export champion with US$ 4 billion 135 million export value. Oyak Renault and Ford Otosan followed Tupras with their export values of US$ 3 billion 698 million and US$ 3 billion 523 million, respectively. As per the dailies, Aselsan, the Turkish defense industry leader, has signed framework agreements with French aviation leader Airbus Group for future collaboration on civil and military avionic systems, satellite communication systems, electro-optic and laser system, and secure radio communications during the ILA air show in Berlin. Additionally, Aselsan has also signed another framework agreement with aircraft engine manufacturer, Rolls Royce, for evaluating the future collaboration on motor control systems. As per the dailies, Turyag Gida, a Turkish fat and oil producer, has executed an agreement with Cargill, a US based company active in the agriculture and food sector with a global turnover of US$ 134 billion, regarding the acquisition of the shares of Turyag Gida by Cargill. Accordingly, Cargill will invest over US$ 100 million in Turyag Gida. Such amount also includes the purchase price. German truck manufacturer MAN will close its bus factory in Plauen, Germany and move the production to Ankara in order to reduce its production costs as employment costs in Turkey are significantly low when compared to Germany. CAPITAL MARKETS UPDATES The aim of this weekly newsletter is to highlight mainly the regulatory changes made by the Turkish Government during the relevant week. The content of this bulletin is limited to those areas Taboglu & Demirhan advises its clients. It contains a general summary of the changes and the areas it covers are broader. Thus, one should not rely on it for specific advice. For further information or advice please contact Taboglu & Demirhan, a full-service law firm based in Istanbul. As per the statement made by Karsan Otomotiv, a Turkish commercial vehicle distributor, in the Public Disclosure Platform, Karsan Pazarlama, a subsidiary of the Company, has signed a distributorship agreement with Hyundai Motor Co. According to the distributorship agreement, Karsan Pazarlama will provide marketing, sales and after sales services to Hyundai Motor Co. for light commercial vehicles in the domestic market. TABOGLU & DEMIRHAN Attorneys at Law Levent Cad. No. 9 1. Levent, 34330, Istanbul, Turkey E-MAIL: enquiries@taboglu.av.tr www.taboglu.av.tr PHONE: (212) 339 8800 FAX: (212) 339 8899
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