BLOOMBERG/KEREM UZEL
Turkish billionaire Aydin Dogan plans to use the $700 million cash pile he gained from the sale of his media business on domestic and overseas acquisitions, reported Bloomberg.
The 83-year-old’s holding company, which owns and operates Trump Towers in Istanbul, is looking at domestic manufacturers of car parts, chemicals and packaging as well as global assets to expand its steel-wire maker Celik Halat ve Tel Sanayii and steering-systems producer Ditas Dogan Yedek Parca.
Caglar Gogus, Ditas Dogan Yedek Parca’s CEO, said, “We’re in hot talks for four or five assets in car parts, chemicals and packaging industries, we’re in no rush but can complete one deal this year or in the first quarter of next year.”
Dogan Sirketler Grubu Holding, which has interests in energy, real estate and tourism, is seeking new avenues of growth after it sold its media assets last year for almost $1 billion. The holdings, which included CNNTurk TV station and Turkey’s most influential daily newspaper, had put the tycoon in constant battle with President Recep Tayyip Erdogan.
“We want Dogan Holding to have assets not only with strong dividend potential but also with strong capital gains potential, the group isn’t considering assets valued less than $50 million, added Gogus.
Dogan Holding, a 33 per cent shareholder in a hydropower producer which earlier this year restructured debt, is also considering more renewable energy investments. The plans to use its Galata Wind unit to increase power capacity to more than 400 megawatts from 265 megawatts.
The group acquired Trump Towers year from an associated firm for TRL 850 million ($150 million) and revamped the mall to attract more young entrepreneurs.
Dogan Holding is also said to be in talks to buy the distributor of Mitsubishi vehicles to add to its stable that already sells Suzuki, Piaggio and Paccar vehicles. The firm has also applied for a licence to start an investment bank after years of being absent from the banking industry.
Dogan Holding is aiming to raise the international investor ownership in its free float to as much as 80 per cent from around 50 per cent through non-deal roadshows planned for the UK in November 2019 and Prague in December 2019.
MOST READ
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
