Turkish Airlines and Halkbank stakes transferred to wealth fund

Turkish Airlines and Halkbank stakes transferred to wealth fund

Turkey's government has transferred its major stakes in Turkish Airlines and Halkbank to its sovereign wealth fund, removing them from a privatisation programme, the OIB privatisation administration said.

The OIB said on Monday that the government had decided to transfer to the fund its 49.12% stake in Turkish Airlines and a 51.11% stake in Halkbank, Reuters reports.

The announcement followed a move to transfer stakes in Ziraat Bank, the Borsa Istanbul stock exchange and state-owned pipeline operator Botas, to the new fund, announced in the Official Gazette on Sunday.

Turkey is setting up the wealth fund - Turkey Asset Management - with initial paid-in capital of 50 million liras ($16 million), to be financed from the state privatisation fund.

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