Bloomberg News

TAV Gains After Owners Hire Credit Suisse for Possible Sale

September 29, 2011

(Updates share price in second paragraph, Akfen plans in fifth.)

Sept. 29 (Bloomberg) -- TAV Havalimanlari Holding AS, Turkey’s biggest airport operator, rose in Istanbul after its owners said they hired Credit Suisse Group AG for a possible sale of shares in the company.

TAV climbed 12 kurus, or 1.7 percent, to 7.22 liras at 10:14 a.m., valuing the company at 2.62 billion liras ($1.4 billion.) Akfen Holding AS, one of the owners, rose 6 kurus, or 0.7 percent, to 9.36 liras.

Akfen and Tepe Insaat Sanayi AS, which each own 26 percent of the company, made the announcement to the exchange after markets closed yesterday.

TAV runs 10 airports including Ataturk in Istanbul, Turkey’s biggest, and facilities in Ankara, Izmir, Tunisia, Macadonia and Georgia, according to the company’s website.

Akfen may reduce its holding in airport management units or exit them completely, a person with knowledge of the situation who declined to be identified because the plans are private, said on Sept. 23. Proceeds may be set aside to help win government contracts to run roads and a gas grid in Ankara, the person said.

TAV has dropped 3.7 percent since Jan. 1. That compared with a decline of 9.5 percent for the main ISE National 100 index of shares.

TAV had a profit in the second quarter of 21.1 million liras ($11.4 million), a decline of 57 percent from the same period a year ago, the company said on Aug. 9. Sales rose an annual 42 percent to 535.1 million liras, it said.

--Editor: Aydan Eksin

To contact the reporter on this story: Mark Bentley in Istanbul at mbentley3@bloomberg.net

To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net


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