Wind Of Privatization Continues

The block sales of 56.67% shares of Başak Sigorta and 41% shares of Başak Emeklilik were finalized on 16 May 2006, following the execution of the share transfer agreement between the PA and Groupama International. The share sale price under this agreement was $ 268 million.

The Competition Board rejected the transfer of the operation rights of Iskenderun Port to the PSA (Singapore) - Akfen (Turkish) Consortium on the ground that such transfer would create a dominant position for the group in the same market since they already held the operational rights to Mersin Port. This decision of the Competition Board has been brought before the Council of State by both the winning bidder and the employees of the Port Union with different claims. The PA will need to wait until the disputes are resolved before accepting the second bid. As for the privatization of Samsun Port, the PA has not yet decided upon the winning bidder after receiving two offers, in June 2006, from two Turkish companies.