Markets Turkey targets IPOs for state energy companies By Pramod Kumar November 20, 2024, 11:00 AM Reuters/Murad Sezer Turkey will not sell stakes in state energy companies to a single private company or consortium, the energy minister said Turkey is preparing to launch initial public offerings (IPOs) for its state-run energy companies to enhance their institutional structures, energy minister Alparslan Bayraktar has said. The companies include electricity transmission operator Teias, electricity producer EUAS, gas grid operator Botas, and oil and gas company TPAO, Reuters reported, citing the minister’s briefing to a parliamentary commission. The aim is to modernise these companies and align them with their size through IPOs that will primarily benefit citizens and small investors, Bayraktar said. However, the government will not sell stakes in state energy companies to a single private company or consortium. The launch of the IPOs requires legal amendments and the government will seek parliamentary approval to facilitate the necessary changes, Bayraktar said. Development bank targets female employment in Turkey Turkish inflation sticks on food and rental costs Turkey targets butchers, bakers and tax law breakers Borsa Istanbul was the worst performing stock exchange globally in August, with investors large and small heading for the exit as Turkey’s economy slows and returns wither. Another factor in the waning investor activity was the fall in the number of new products on offer. Just four new initial public offerings (IPOs) took place over the June to early August period, down from eight such listings in May. In October Abu Dhabi sovereign wealth fund ADQ signed an agreement to acquire 96 percent of Lebanon-based Bank Audi’s Turkish subsidiary, Odeabank.
