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The Turkish Asset Fund (TVF) and the Qatar Investment Authority (QIA) include transactions involving the transfer of Borsa Istanbul’s stake to a full 10 percent. The transaction under the memorandum of understanding signed between TVF and QIA on November 26, 2020 resulted in a $ 200 million investment from QIA. The price of the transaction in question was determined on the total capital value of Borsa Istanbul of $ 2 billion.
SONMEZ EXPLANATION
The Turkey Asset Fund is as relevant as Victory Sonmez CEO said:
* The transfer of the 10 percent stake in Borsa Istanbul is the beginning of the long-term cooperation between the wealth funds of the two countries. We believe that this investment will contribute to value creation and the development of corporate governance principles ahead of Borsa İstanbul’s planned public offering in the medium term.
* This investment is particularly important in terms of attracting foreign capital to our country during the Kovid period, when economic difficulties were experienced worldwide.
* Borsa İstanbul will be one of the important players of the Istanbul Financial Center, whose start of operations is scheduled for 2022; QIA in this regard, with an investment made both by the Istanbul stock exchange and demonstrates the confidence that the vision of Turkey.
Following the completion of the share transfer, TVF will maintain its position as Borsa Istanbul’s largest shareholder with its 80.6 percent stake. While QIA will become Borsa Istanbul’s investor with a 10 percent stake, other shareholders made up of major players in the domestic capital markets will continue to hold the remaining shares.
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