DEMIROREN IN TALKS TO RESTRUCTURE DEBTS OF USD 1.5BN

The media company Demiroren Holding is in talks to restructure about USD 1.5bn of loans, including

funds used to finance its acquisitions of several newspapers and television stations, according to Bloomberg. Backed by state lender Ziraat Bank, the holding paid almost USD 1bn to Dogan Sirketler Grubu Holding AS in 2018 to buy outlets such as mass-circulation Hurriyet daily and CNN Turk. Demiroren, which has interests in real estate, energy, betting, and the lottery business, has also borrowed from other lenders including state banks, bringing the total amount under negotiations for restructuring to USD 1.5bn. The firm is negotiating with Ziraat Bank after originally borrowing around USD 700m from the state lender for the acquisition of media assets. Adding accrued interest, the amount to be restructured has reached USD 850m.

UNLU&CO TO LAUNCH INVESTMENT BANK

Unlu Yatirim Holding (Unlu&Co) has applied to the Banking Regulation and Supervision Agency (BDDK) for the establishment of an investment bank. The capital size of the bank will amount to TRY 300m with Unlu&Co participating in 99.9996% of the capital, according to a statement from the company made to the Public Disclosure Platform. “•ur goal is to form a successful and long-lived investment banking group through good leadership and entrepreneurial spirit,” said Mahmut L. Unlu, CE• and Chairman of the Board of Directors of Unlu&Co. The company, which was offered to the in June, will use the resources for new investments and development of operations.

ASSAN PANEL LAUNCHES FACILITY IN AZERBAIJAN

Kibar Holding subsidiary Assan Panel, has opened its second production plant abroad in Azerbaijan, according to Ihsan Tolga Akar, Managing Director of Assan Panel. “•ur facility has become operational in Azerbaijan with the partnership of Sumgayit Technologies Park (STP). With this new partnership in the panel sector, we continue our operations as Assan Panel- STP Azerbaijan,” said Akar. The company will be able to export to all Turkic Republics, the Caucasus, Russia, and Asian countries with the new production plant in Azerbaijan. “Assan Panel is a total solution partner for industry, exporting to 85 countries with its AssanPU, Assan Demir, AssanWool, AssanBoard brands,” said Akar. The company made its first facility investment abroad in Jordan in 2012.

ONUR INSAAT UNDERTAKES TRY 1.7BN PROJECT IN UKRAINE

Construction company •nur Insaat has won the TRY 1.7bn (some USD 200m) tender for runway construction of the Dnipro International Airport. The project includes the construction of a 3.2-kilometer runway and the construction of new airport facilities. The tender was opened after the contract of the Ukraine-based firm, which undertook the project last year, was voided. •nur Insaat has also other contracts in the country. The company, which has operated in Ukraine since 2004 and had worksites in 16 cities as of 2019, has built 3,000 kilometers of road over the last 15 years. KERIM ULKER

CARGO̞PARTNER ESTABLISHES CUSTOMS COMPANY

The Austria-based logistics company cargo-partner has established a customs clearance company in order to offer its customers transport solutions to all processes in the logistics chain, according to a statement from the company. The company, named CP Gumruk Musavirligi AS, started operations as of September 1. “•ur customs broker will provide services to our customers at all stages of customs clearance, from preparation of clearance to appeal and complaint applications, from customs inspection to pricing and filing,” said Kursad Tanriverdi, Turkey Managing Director of cargo-partner. The company launched its first Turkey office in Istanbul in 2018.