Bloomberg News

Limak to Invest $250 Million in Iskenderun Port on Mediterranean

January 24, 2012

Jan. 23 (Bloomberg) -- Limak Holding AS plans to invest $250 million in expanding facilities at the Mediterranean port of Iskenderun, seeking to make it an entry port for trade into Iran, Iraq and Syria, Chairman Nihat Ozdemir said.

Limak got loan of $425 million from banks to pay for the $372 million purchase of the port, Ozdemir said at a handover ceremony in Ankara today. The 13 1/2 year credit with a four- year grace period was arranged by Finansbank AS, Turkiye Garanti Bankasi AS, Turkiye Is Bankasi AS, Turkiye Sanayi Kalkinma Bankasi AS, Vakifbank AS and Unicredit SpA, he said.

Limak won 36 years of operating rights to the port in an auction in 2010. The company is interested in other port sales and is constructing facilities at Candarli, near Izmir on Turkey’s Aegean coast, Ozdemir said.

To contact the reporter on this story: Ali Berat Meric in Ankara at americ@bloomberg.net

To contact the editor responsible for this story: Steve Bryant at sbryant5@bloomberg.net


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