BusinessTurkiye

Koc Holding Invests 6.35 Billion TL in Tek-Art for Kalamış Marina Project

Koc Holding, which announced its invitation to sign the Fenerbahce Kalamis Marina agreement on February 5, disclosed new details to the Public Disclosure Platform (KAP). According to the announcement, Koc Holding has made a cash payment of 6.35 billion TL for Tek-Art’s capital increase.

In a statement made to KAP, Koc Holding noted:

“As announced on December 23, 2024, our subsidiary Tek-Art Kalamis ve Fenerbahce Marmara Turizm Tesisleri A.S. (Tek-Art) was invited by the Republic of Turkey’s Ministry of Treasury and Finance Privatization Administration (OIB) on February 5, 2025, to sign the contract for the privatization of the Fenerbahce-Kalamis Marina for 40 years through an ‘operating rights’ model. Tek-Art had submitted the second-highest bid of $504,000,000 in the tender.

Following evaluations, it was decided that the contract for the 40-year operating rights of the Fenerbahce-Kalamis Marina would be signed by Tek-Art’s wholly owned subsidiary, Kalamis ve Fenerbahce Marina Isletmeciligi A.S. (Kalamis A.S.), in compliance with the tender specifications. It was reported to the OIB that 35% of the total $504,000,000 contract amount, equating to $176,400,000, would be paid on the contract signing date, with the remaining balance to be paid in five equal installments over 60 months with a guarantee letter, plus interest calculated at the SOFR rate + 3%.”

Capital Increase and Koc Holding’s Contribution
In line with these developments, Tek-Art’s extraordinary general assembly approved increasing the company’s capital from 134,687,160 TL to 361,472,874 TL by a 226,785,714 TL increase. Shareholders were given preemptive rights to purchase shares at a value of 0.28 TL per nominal 0.01 TL share, based on the company valuation determined by KPMG Management Consulting Inc.

Koc Holding decided to participate in the capital increase by exercising its preemptive rights corresponding to its approximately 33.8% stake in Tek-Art, along with all unclaimed rights from other shareholders. This resulted in a total contribution of 6,349,999,992 TL in cash. Following the capital increase, Koc Holding’s stake in Tek-Art rose to approximately 75.3%.

Investment and Development Plans for Kalamis Marina
The tender specifications mandate Kalamis A.S. to complete all necessary infrastructure and superstructure work within 10 years of the contract date to transform Fenerbahce-Kalamis Marina into a minimum 4-anchor marina, in compliance with applicable regulations. The estimated investment required for this transformation is approximately $150,000,000 under current assumptions.

Koc Holding also stated that no final decision has been made regarding the financing of future payments, which will be evaluated based on market conditions at the time. Significant developments related to the process will be disclosed to the public.

Source: Patronlar Dünyası/ Prepared by: İlayda Gök

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