Sunday, August 12, 2018

Can We Have Updates On Turkish Investments Please

Turkey is resembling Thailand back in 1998, only much worse. Have a look at the Turkey lira against USD. I took a 5-year chart because Malaysia has invested in a few big assets there.

 Khazanah has some exposure there, and wanted to sell their holdings back in February 2018. What's the update? Did Khazanah hedge their investments? How did the demise of the Turkish lira affect the investments over the past 5 years?

Avicennia, the insurance holding unit of Kuala Lumpur-based Khazanah, bought 90 percent of Acibadem Sigorta for $252 million in 2013 from founder Mehmet Ali Aydinlar and Abraaj Capital Ltd. It bought the remainder after the company stopped trading its shares on Borsa Istanbul.
In 2012, the sovereign wealth fund’s IHH Healthcare Bhd. arm bought 75 percent of Acibadem Saglik Yatirimlari Holding AS, which was also founded by Aydinlar. The deal for Acibadem Saglik, then Turkey’s largest hospital chain, valued the business at $1.68 billion.
Next, MAHB:

Bloomberg  on Friday reported that Turkish Airlines was bidding to buy an 80% stake in Istanbul Sabiha Gokcen International Airport (ISGA) in Turkey, which is wholly-owned by MAHB. The report, citing people with knowledge of the matter, said Turkish Airlines offered 750 million euros for the stake.
Malaysia Airports was part of a consortium that won a 1.9 billion euro contract to operate the airport in 2007. In 2013, it agreed to raise its holding in ISG to 60% by acquiring a 40% stake held by Indian partner GMR Infrastructure Ltd for 225 million euros.It bought the remaining 40% from Turkey’s Limak Holding in 2014 for 285 million euros.

What was the holding cost? What were the losses or profits suffered thus far? Were there any efforts to hedge the position over the past 5 years? How did the demise of the Turkish lira affect the investments over the past 5 years?

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