Govt Eyes Further Turkish Air Share Sale

Titlu : Govt Eyes Further Turkish Air Share Sale
Sursa : http://news.airwise.com/story/view/1270640169.html
Autor : Reuters
Data : 07/04/2010

Citat :

Turkey said it could sell part of its 49 percent stake in Turkish Airlines, Europe's fourth-largest carrier and an airline with ambitious plans for growth.

With Turkish stocks trading close to record highs, Transport Minister Binali Yildirim said an additional public offering was under consideration, though the timing was uncertain.

Yildirim also made clear that the government would not completely privatise the national flag carrier.

"We don't think it is right to leave such a strategic company completely to private ownership, we would prefer to keep some public stake," he told reporters.

Turkey held a public offering of 25 percent of the airline in May 2006, when the government's ownership fell below 50 percent.

The European Union membership candidate has pledged to restart the privatisation processes for several banks, energy companies and other firms in which it still owns a stake as it bids to reduce its budget deficit and curb spending.

The global financial crisis forced Turkey to abandon several privatisation processes in 2008.

Turkish equities almost doubled in value in 2009 however and this week hit an all-time high.

Turkish Airlines this week posted fourth-quarter net profit of TRY83 million lira (USD$54.75 million), well below forecast, after dollar weakness reduced its fleet valuation, forcing up provisions.

Turkish Airlines plans to expand by funnelling passenger flows between Europe and Asia though its Istanbul hub, competing with Middle East carriers such as Dubai's Emirates and Abu Dhabi-based Etihad.

The airline has ambitions to become Europe's number three carrier and fly 30 million passengers in 2010, 20 percent more than a year earlier.