SDIF Becomes Tekfen Holding’s Largest Shareholder Amidst Can Group Examination
Istanbul, Turkey – Teh Savings Deposit Insurance Fund of Turkey (SDIF) has emerged as Tekfen Holding’s largest shareholder, controlling a 42.8 percent stake in the company, following developments related to the ongoing investigation of the Can Group. The shift in ownership occurred after a General Assembly on May 7th, which saw participation from 82.9 percent of the company’s capital. Even with anticipated participation rates remaining consistent in a potential Remarkable General Assembly, the SDIF’s holdings secure a majority voting power exceeding 51 percent.
The potential outcome of the Can Group investigation - potentially “liquidation” – would place all companies and partnerships under public ownership until their eventual sale, effectively making the SDIF a 42.8 percent owner of companies operating under the Tekfen Holding umbrella.
Tekfen Holding’s activities are categorized into three primary groups: Engineering and Contracting, the Agricultural Industry, and Investments. The company currently boasts a backlog of $732.7 million in contracted, uncollected work, with $414.1 million of that figure stemming from three projects in Saudi Arabia. Additional backlog figures include $164.3 million in Qatar, $67.8 million in Türkiye, $61 million in Azerbaijan, and $15.4 million in Kazakhstan.
Within the agricultural sector, Tekfen Holding owns Türkiye’s largest fertilizer company, Taurus Fertilizer, which produced 360,000 tons of fertilizer in the first three months of the year. The company also operates major maritime terminals in Samsun and Ceyhan, handling 1.361 million tons of cargo and 459,000 cubic meters of liquid tank rentals during the same period.
Tekfen’s investment portfolio includes a 10.47 percent stake in the Akmerkez shopping mall, a 27.45 percent share in Triangular Care - the company managing Akmerkez’s parking, cinemas, and apart-hotel – and a 30.5 percent ownership in the Papermoon restaurant located near Akmerkez.
Further investments include Tekfen Immovable, Tekfen Insurance, Tekfen Renewable Energy, Tekfen Ventures, and Tekfen Technology. The Holding also holds a 10 percent stake in Socar Polymer and 11.4 percent in Berlin Light.
As of Friday’s stock market close, Tekfen Holding’s market value stood at 30.7 billion TL, with the SDIF’s share valued at 13 billion 140 million TL.
Source: Newspaper Oxygen
