Akfen in Press

AKFEN HOLDING SEEKING INVOLVEMENT IN AIR, LAND AND SEA OPERATIONS EKREM DUMAMLI/TURHAM BOZKURT, İSTAMBUL "B The Akfeıı group is eyeing highway and . fl bridge privatizations hi line with its slogan signaling that it operates hi sectors hıvolvhıg air, land and sea, the chairman of Akfeıı Holding lias said hi an interview with Today's Zaman. Akfeıı Holding, part of the Tepe- AkfeııSouther-Sera Joint venture that offered the highest bid, at $861 million, for the Istanbul Ferry Lhies (IDO), acquiring it in the final negotiations of the long -planned privatization hi early April, is currently the biggest group hi privatization deals. Akfeıı Holding's total payments for privatization hi Turkey have surpassed $7 billion, including those of operations hi the Port of Mersin and the Istanbul, Ankara, İzmir and Antalya airports. CONTINUED ON PAGE 01 Akfen seeking involvement in air, land and sea operations -H CONTINUED FROM PAGE 1 J "Our slogan was 'Akfen in the air, on _ land and on the sea1 before the initial public offering [IPO] of our holding. We are Turkey's biggest infrastructure platform. We will also be seen in the privatization of highways and bridges in Turkey and in the Ankara gas grid, " he said. The company also has a joint bid with Saudi Oger for the privatization of Saudi Arabia's Medina Airport, competing with the Ladin family for the deal. Commenting on claims that IDO fares will increase in the short term, Akin stated that this was not the case. " They have even declined, as we chose a dynamic pricing system [allowing for price changes due to different variables, conditions and situations]. There were also rumors that we would fire employees. There will be no such development, " he noted. Akin also added that they aim to make IDO bigger by adding new routes. Moreover, Akin said he has presented an interesting project to Istanbul Mayor Kadir Topbaş on making Büyükdere Avenue, where the financial district of Istanbul is located, into a square easily accessible by pedestrians. "There [showing the financial district from his headquarters are the bankers and on this side of Büyükdere Avenue are famous shopping malls such as Kanyon, Metrocity and Sapphire. But people can't cross from one side to the other; even with their cars it 's very difficult. I presented a project to the mayor to put the traffic underground and make a square for pedestrians, and he received it positively. He even offered me the job; however, the important thing is not whether I do it. Someone has to do it, and I am hopeful that we can expect positive developments regarding the project, " Akin added. 'People rewarded AK Party' Moreover, the chairman of Akfen Holding was reminded of his previous statement that the Turkish business world will support any political group that ensures a stable environment in the country. "The business world will support even the communist part}'' if it would ensure stability in Turkey, and therefore the chambers Akfen's Akin underscored that AK Party had succeeded in ensuring stability in Turkey and received its reward by winning half of the total votes in the elections. of commerce across the country have supported the Justice and Development Party [AKParty], " he said, adding that the underlying reason for the support İs not opportunism, but support for peace and welfare, which are outcomes of stability. Asked whether the AK Party had succeeded in ensuring stability in Turkey, Akin, responded: "How could the AK Part}'- win 50 percent of the vote in the June 12 elections if the}? did not bring stability to the country? This is a result of what they have done during their time in office. The people are not ungrateful, and they have rewarded the AK Party. I believe they would have received even more votes if the AK Party and the prime minister had not made some mistakes. However, there is no person or institution that doesn't make mistakes. " TUSKON model successful "I see the Anatolian tigers or lions, whatever you say, as bicyclists who pass gas stations while, we as modem industrialists, are waiting to fill our tank. Their [Anatolian businessmen] total exports totaled $135 billion before the global financial crisis, and they are expected to see similar export figures by the end of this year. Business groups such as the Turkish Confederation of Businessmen and Industrialists (TUSKON) have proven that their model of supporting and guiding Anatolian exporters to increasing export figures is a success. If you do not support successful businessmen, then someone else will come and do it, like TUSKON did. This was the right tiling to do, " Akin said. He also stated that there is an enormous business potential in. Anatolia that should be taken into account, noting that small and medium-sized enterprises (SMEs) should be supported by bigger business organizations. "I measure the potential in. Anatolia by looking at the capacity of different ports. In a period where the trade capacity of Istanbul's harbors decreased by 30 percent, Mersin. ' s capacity fell only by 3 percent. This is a sign of how strong the Anatolian. SMEs are. Turkey would be unable to achieve its current export figures without this group of businessmen. " Akin noted.

The privatization of İDO, the ferry company of İstanbul, is finalized as the winner consotrium of the $861 million tender took over all the shares. Istanbul municipality says the revenue will be used in new transportation projects ISTANBUL-Daily News with wires ASS Denizcilik, the consortium involving Akfen Holding, Tepe İnşaat, Souter Investments and Sera Gayrimenkul Yatırım, took over all the shares of the Istanbul Fast Ferries, or IDO, on yesterday, according to a statement by Akfen. The p riva tİza ti on of IDO, a subsidiary of the Istanbul Metropolitan Municipality, in which the Tep e - Akfe n-S outer-Sera, or TASS, consortium, "won the auction with an offer of $861 million İn April, was finalized with signatures yesterday. "An agreement concerning the sale of shares was signed between. TASS, under joint management, the Istanbul Metropolitan Municipality and the other shareholders, " it said. Commenting on the IDO share transfer, Hamdi Akin, board chairman of Akfen Holding said IDO had a great share in the marine transportation of the Marmara Sea and Istanbul. "As the Tepe-Akfen-SouterSera consortium, we aim to grow this investment, which is crucial for Istanbul, with new investments that "will develop the service quality of the company, " Akin said Thursday in a statement from the company. There will be no layoffs in IDO, Akin continued in the statement. "On the contrary, we will grow our service quality by increasing human resources. Privatizations are important opportunities to increase the number of employees and service variety. " Partners The consortium had offered $861 mlLLion for the privatization of 100 percent IDO shares. According to a statement from the Istanbul Metropolitan Municipality, the revenue obtained from, the privatization will be invested in the transportation systems of the city. IDO, which runs high-speed ferries in Istanbul and to and from nearby cities, provides 40 percent of Istanbul's maritime transportation. Within the scope of the privatization agreement, Sera Gayrimenkul Yatırım will take a 10 percent share. Tepe inşaat, Akfen Holding and Souter Investments LLP, owned by Scottish businessman and the founder of international transportation group Stagecoach, Brian Souter, will hold 30 percent of shares each in the complete IDO stake. Brian Souter said in a written statement that his company was looking forward to making substantial improvements in IDO's operations. More frequent services on key routes and better integration, with land transport services are among their planned developments. "Our goal is to ensure motorists opt for sea bus and ferry transportation rather than making long and frustrating road journeys in and around the congested Istanbul road network.

istanbul ferries privatized for $861 million ISTANBUL - Daily Hgws with J. irg. ______ The Tepe -Akfen-Souter- Sera consortium won the auction for the privatization of the Istanbul Fast Ferries Co. Inc. , or 1DO. a subsidiary of the Istanbul Metropolitan Municipality, with an offer of $861 million Friday. The privatization value of IDO was rumored to reach $1 billion before the Global Liman isletmeleri, a subsidiary of Global Investment, Yıldırım industry, metal and maritime, a joint venture between Deniz Turizm Yatırımları, a subsidiary of Turkey's Koç Holding Stcna Yatırım, owned by Sweden's Stena AB. and Torunlar Gıda, owned by Torunlar Group, were the four other companies joined the bidding. Of the consortium that won the auction. Sera Gayrimenkul Yatırım will take a 10 percent share. Tepe inşaat, Akfen Holding and Souter Investments LLP, owned by Scottish businessman and the founder of international transportation group Stagecoach Brian Sou tor, will hold 30 percent of shares each in the complete IDO stake. [DO, which runs high-speed ferries within Istanbul and nearby towns, provides 40 percent of Istanbul's maritime transportation. According to experts, the minimum value of IDO was $700 million, however, this figure was forecast to potentially reach II billion, Turkish daily Milliyet reported Friday. The privatization process of the ferry company was started on Jan. 6 and the bidding period ended on March 31. Cornthe tender bought contracts far $20, 000. FACTS ON ISTANBUL FERRIES ISTANBUL - Hürriyet I IDO. which was established bylhe Istanbul municipality in 1987. serves with a lolal ol 25 seabuses, 10 last ferI Before IDO, thecily's sea Iransportaticn service was provided by the stateI In February2005. tilylernes became parloMDO I Theeompany. ivriicritotaledJTI milIssl year, is expected ioreaj> around 380 million liras in 2011.

Akfen to invest in energy and hotels ERCAN ERSOY ISTAMBUL-Bloomberq - Akfen Holding, a Turkish energy and construction group, İs to bid on the sale of Istanbul's ferry operator as İt seeks to grow its business by double-digits next year, according to its chairman. Akfen will bid with foreign partners for the ferry unit İDO by March 31, Chairman Hamdİ Akın said İn an interview İn Istanbul last week. The company, which sold shares to the public İn two offerings this year, will also bid İn the state's sale of toll roads and bridges across the Bosphorus with Brisa Auto-Estradas de Portugal. "Our profitability will grow with contribution from power plants that will come on stream this year and also from our port investment, " Akin said. The company expects at least 20 percent growth in earnings before interest, tax, depreciation and amortization, or Ebitda, he said. Akfen, which owns 26 percent of Turkey's biggest airport operator, TAV, and operates Mersin port in southern Turkey with Singapore's PSA International, will also build more hotels with Accor of France, Akin said. It will invest a total of $100 million in energy and hotel projects this year, he said. Akfen's will add 140 megawatts of hydroelectric power this year and another 100 megawatts İn 2012 to equal a total hydroelectric capacity of 354 megawatts by 2014, he said. Akfen plans a 500-megawatt gasfired plant for 300 million euros and a 100-megawatt hydropower plant İn northeast Turkey costing 170 million euros, he said. On average 1 MW of power can supply electricity to as many as 300 U. S. households per year. According to TurkStat figures, the average person in Turkey consumes 540 kW of electricity İn one year. Akin said about 10 foreign funds hold roughly 80 percent of Akfen Turkish energy and construction group Akfen plans its near future growth on energy business and vast hotel projects with Accor, its partner in Ibis hotels in Turkey and abroad. The holding will also bid in a March 31 tender for the privatization of Istanbul's ferry company with foreign partners, says Chairman Hamdi Akin shares traded on the Istanbul Stock Exchange, or ISE. "We will have a non-deal roadshow soon to raise the number of investors, " he said. Akfen will sell as much as 33. 8 percent of its real estate trust through an initial public offering in the second quarter, Akin said, adding that proceeds would be used for hotels Turkey and ENERGY: Akfen Chairman Hamdi Akin says his company will add more on its hydroelectric power production this year. Russia with Accor. "We will have 24 hotels with Accor's Ibis brand in Turkey and Russia, " he said. The partnership has 10 hotels now and will open five more this year, two of them in Russia, he said. Middle East "Any future investment in the Middle East region will depend on political stability, " Akin said. "We don't see any risk in our Oman and Qatari projects. " The group's construction unit, TAV İnşaat, won an auction to build the foundation columns of Abu Dhabi's new airport terminal for $60 million and will bid for the actual construction of the terminal, which he said would cost as much as $5 billion. "We think they will put out an auction by the end of this year, " he said. TAV İnşaat, along with partners Lebanese Consolidated Contractors Company International, or CCC, and Brazilian Odebrecht, pulled out 3, 400 workers from their $2. 1 billion Tripoli airport construction project after the uprising in Libya last month, Akin said. It's also building the country's Sepha airport for $225 million with CCC, he said. The value of work remaining in Libya for TAV İnşaat, which has 25 percent of the Tripoli venture and 50 percent of Sepha, is about $450 million, he said. AKFEN PLANS TO GROW IN ENERGY, HOTEL BUSINESSES Afken will bid for Istanbul ferries, chairman says " O H

IPOs driving local real estate sector The initial public offerings by five Turkish real estate investment trusts have generated more than 609. 2 million Turkish Liras in 2010, according to a recent report by the Capital Markets Board. The total market value of the 19 property developers operating on the Istanbul Stock Exchange amounts to 5. 56 billion liras. ECONOMIC REVIEW p. 16 IPOs driving local real estate sector Decisions by the Capital Markets Board at the beginning of the year have boosted initial public offerings from Turkish property developers as the total market value of real estate companies at the Istanbul Stock Exchange has doubled so far in 2010. The large IPOs are funding the country's fast-growing real estate sector, a recent report by the board says ISTANBUL Daily News with wires The Initial public offerings by five Turkish real estate investment trusts generated more than 609. 2 million Turkish Liras in 2010, according to a recent report by the Capital Markets Board, or SPK. The total market value of the 19 property developers operating on the Istanbul Stock Exchange, or ISE, amounts to 5. 56 billion liras while the value of their total portfolios stand at 8. 24 billion liras, the report said. The 2010 IPOs constitute 36. 7 percent of the total market value and 41. 18 percent of the portfolio volume of the real estate investment trusts at the ISE. The successful offerings in 2010 doubled the volume of the real estate investment sector, said the SPK report. "This situation will crystallize due to an IPO by Emlak REIT in November and turn the IPO campaign [by the ISE] into a success story for the sector, " it said. Along with Emlak Konut, three other real estate trusts - Akfen REIT, Albayrak REIT and Buyukhanli REIT- have applied to the SPK for an IPO. The four IPOs are expected to bring nearly 1. 17 billion liras into the capital markets. Akfen Holding, which Is also active In tourism and energy industries, will sell 33. 1 million new shares to 36 foreign investors at 12 liras a share, raising its float to 28. 2 percent from 7 percent, Bloomberg reported. Brokerage Standard Ünlü Menkul Değerler applied Thursday to the Istanbul Stock Exchange to carry out the transaction, it said In a statement to the bourse Monday. Akfen will increase its capital from 112. 4 million to 145. 5 million liras via the sale so as to strengthen its financial structure, the company said in a statement to the bourse Oct. 22. The company sold 8 million shares at 12. 5 liras a share In an IPO in May, raising 100 million liras. "The successful IPOs in 2010 are expected to continue and accelerate in the following years, " the report said. "The large IPOs aims to create cheaper and long-term financing for the fast-growing real estate sector of the country via capital markets as an alternative to traditional funding methods. " At the beginning of the year, SPK had eased the public offering procedure for real estate trusts, reducing the base for IPOs from 49 to 25 percent. Real estate investment companies In Turkey, moreover, do not pay corporation income taxes thanks to a special law. BUILDING: The Capital Markets Board report estimates the market value of the real estate investments sector will triple by the beginning of 2011 due to f our new IPOs this year.

Akfen set for second offering after first suffered flash crash woes ii. 'i-i'ni. iMii. M. 'i-iii'i. iaM Executives aim to list further 21% By Delphlne Straus In Istanbul As Akfen Holding, the Turkish infrastructure group, was getting ready to float last spring, its managers wore stranded mid-roadshow hy the eruption of the Icelandic volcano Eyjafjallajokull. In the middle of book-building for the initial public offering, markets plunged in the so-called "flash crash", causing several investors to take fright and cancel orders, Instead of listing 30 per cent uf the group, as the owner Hamdi Akin had planned. Akfen was able to sell only 7 per cent. Akfen's shares were listed at 12, 5TL in May and have nnderperformed the market since. They are now trading Just above litTL, implying a market capitalisation of $]bn. Now, executives are leaving nothing to chance as they prepare a secondary public offering, aiming to list a further 21 per cent stake and raise some ftiOOm. "There is an appetite at the moment for Turkey; hives tors are very bullish on Turkey's future. " said Süha Guçsav, chief executive, who has spent the past three weeks pitching to investors in ihe US. London. -Europe and the Middle Kast. "This time, we're going to tie suru we cover all tiie territory. " The aim is to begin a book-building on November 17, with trading in the newly issued shares start ing the following week Akfen will use $r>om $7i)m from the . sale to pay off short-term debi and will Invest $30m-$4fliu in hydroe lectric projects and its hotels partnership with the French group Accor. The rest will b(K)St Its firepower In upcoming privatisations and government tenders. More focused than many Turkish conglomerates. Akfen says its core assets are its 26 per cent stake in TAV. operator of istanbul'u main airport; Mersin Port, which it has run with Singapore's PSA since a 2007 privatisation; and TASK, a business it founded in 2005 to win municipal water and waste concessions. The group may bid in an upcoming privatisation of major roads and bridges in partnership with Brisa, the Akfen has a stake In Istanbul airport operator TAV Portuguese motorway group, and is considering (lidding in the privatisation of Istanbul's fast ferry network, It could also hid for other ports in the region, and wants to expand TASK'S water business, potentially with the European Hank for Reconstruction and Development tak ing a small stake in what is now a joint venture wit. ii the Dutch-based investor Kar d HU. Akfen sold its stake in TuvTurk, a vehicle maintenance business, in one of last year's biggest private equity deals in Turkey. The group will now develop its real estate and energy businesses with a view to divesting them, Mr Guçsav said, Akfen's exit from energy is unusual at a time when other Turkish groups are rushing to enler a fast growing sector But Mr Gtlc-sav, noting Ihe spiralling prices others were payIng for assets, said: "to be a real energy player . needs intensive capital expenditure. We want areas where we have expertise and less competition. "

As Akfen Holding, the Turkish infrastructure group, was getting ready to float last spring, its managers were stranded mid-roadshow by the eruption of the Icelandic volcano Eyjafjallajökull. In the middle of book-building for the initial public offering, markets plunged in the so-called "flash crash", causing several investors to take fright and cancel orders. Instead of listing 30 per cent of the group, as the owner Hamdi Akın had planned, Akfen was able to sell only 7 per cent. EDITOR'S CHOICE Hochtief plans disposals to fend off ACS - Nov-11Cordiant to raise $1bn for emerging markets - Nov-08Interest in infrastructure re-emerges - Nov-07Many bright spots forming on infrastructure horizon - Sep-05Reforms could backfire, warns UK industry - Aug-17Managers build bridges in infrastructure - Jul-11Akfen's shares were listed at 12.5TL in May and have underperformed the market since. They are now trading just above 13TL, implying a market capitalisation of $1bn. Now, executives are leaving nothing to chance as they prepare a secondary public offering, aiming to list a further 21 per cent stake and raise some $300m. "There is an appetite at the moment for Turkey; investors are very bullish on Turkey's future," said Süha Güçsav, chief executive, who has spent the past three weeks pitching to investors in the US, London, Europe and the Middle East. "This time, we're going to be sure we cover all the territory." The aim is to begin a book-building on November 17, with trading in the newly issued shares starting the following week. Akfen will use $50m-$70m from the sale to pay off short-term debt and will invest $30m-$40m in hydroelectric projects and its hotels partnership with the French group Accor. The rest will boost its firepower in upcoming privatisations and government tenders. More focused than many Turkish conglomerates, Akfen says its core assets are its 26 per cent stake in TAV, operator of Istanbul's main airport; Mersin Port, which it has run with Singapore's PSA since a 2007 privatisation; and TASK, a business it founded in 2005 to win municipal water and waste concessions. The group may bid in an upcoming privatisation of major roads and bridges in partnership with Brisa, the Portuguese motorway group, and is considering bidding in the privatisation of Istanbul's fast ferry network. It could also bid for other ports in the region, and wants to expand TASK's water business, potentially with the European Bank for Reconstruction and Development taking a small stake in what is now a joint venture with the Dutch-based investor Kardan. Akfen sold its stake in TüvTurk, a vehicle maintenance business, in one of last year's biggest private equity deals in Turkey. The group will now develop its real estate and energy businesses with a view to divesting them, Mr Güçsav said. Akfen's exit from energy is unusual at a time when other Turkish groups are rushing to enter a fast-growing sector. But Mr Güçsav, noting the spiralling prices others were paying for assets, said: "to be a real energy player ... needs intensive capital expenditure. We want areas where we have expertise and less competition." Copyright The Financial Times Limited 2010. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.

Akfen in big share offering ISTANBUL, Akfen Holding, a Turkish group actourism and energy, applied to the market regulator to sell 33. 1 million Akfen will increase its capital via the sale to 145. 5 million Turkish Liras ($102 million) from 112. 4 million liras to strengthen its financial structure. day. The sale is planned after Nov. 10 offering expires, Akfen said. The company sold 8 million shares, or a 7 percent stake, at 125 liras a share in an initial public offering in May, raising 100 million liras. It had reduced the size of the sale from 38. 8 million

Kardemir to buy power producer from Akfen Kardemir, a Turkish steelmaker, agreed to buy a power generator from a unit of Akfcn Holding for 10 million euros. The power company has a capacity of 22. 5 megawatts, and the acquisition requires approval from Turkey's energy regulator, Kardemir said in a filing with the Istanbul Stock Exchange yesterday.

Akfen buys Goldman stake in property unit UNIT: Akfen Real Estate Investment Trust specializes in hotel chains such as Novotel and the Ibis Hotel. Akfen Holding says it has bought Goldman Sachs' stake in the firm. ISTANBUL B loo m berg Akfen Holding, a Turkish conglomerate, bought Goldman Sachs Group's 32. 5 percent stake in real estate unit Akfen Real Estate Investment Trust, or REIT, for 63. 7 million euros, the company said on Wednesday. Akfen Holding obtained a loan of 78. 7 million euros from Goldman Sachs Lending Partners to finance the purchase and some other needs, it said in a filing with the Istanbul Stock Exchange. Akfen said in a statement March 1 that Goldman Sachs had bought the stake in Akfen REIT in 2007. Akfen Holding plans an initial public offering at Akfen REIT in the fourth quarter of this year, Akfen Holding chief executive Süha Güçsav said in an interview April 16. Goldman paid 54 million euros for the Akfen REIT stake in 2007, Güçsav said.

Akfen, Kayi get financing for hotels Turkey's Akfen Holding and Kayi/Insa Group will get loans from the International Finance Corp. and the European Bank of Reconstruction and Development to finance the construction of five hotels in Russia. The IFC, a unit of the World Bank that lends to companies, will also take an equity stake in the venture worth 2. 2 million euros, with the EBRD taking a 3. 2 million-euro stake, according to an e-mailed statement from the IFC.

Akfen Holding to offer fewer shares in IPO ISTANBUL Daily Nevvs vvith vvires Akfen Holding , a Turkish conglomerate , has applied to market regulators to reduce the amount of shares sold in an initial public offering , or IPO , Bloomberg reported . The company vvants to seli 8 million shares to the public rather than the 38 . 8 million shares that vvere on offer May 57 , the company said In a filing vvith the istanbul Stock Exchange on Monday . Akfen Holding has a number of investment plans that are to be implemented this year , according to Anatolia nevvs agency . The company aims to begin construction on nine povver plants in the first half of the year and complete them by the end of 2011 . The holding has also applied for a license to build a natural gasfired povver plant in a $ 400 million project at an organized industrial zone in the southern district of Tarsus . The firm further expects to invest 184 million euros in hydroelectric povver plant projects , vvith plans to complete its $ 40 million of investment in Mersin Port Management vvithin three years . The holding has carried out $ 6 . 2 billion of investments , Including $ 700 million of energy investments , In the last five years . Furthermore , the company ' s real estate unIt , Akfen GYO , vvill construct 14 nevv hotels in Turkey and Russia , ineluding ones in Şamara , Yaroslavl , Kaliningrad , Moscovv and Krasnoyarsk , vvith a 241 - million euro investment vvith partner Accor by 2015 . A partnership of Akfen , TASK VVater & Sevvage Investment Construction & Management has also recently undertaken vvater and sevvage projects in the province of Kars . Pdlülffll i Türkiye için daha yapacak çok işimiz var o kf en AFFECTED : The sovereign debt crisis engulfing Europe has also hurt Turkish initial public offerings , too . Akfen Holding has decided to seli fewer shares to the public .

TAV receives three int ' l airport awards ISTANBUL Anatolia Nevvs Agency TAV Airports Holding , a joint venture betvveen the Tepe and Akfen groups , received avvards in three categories during a ceremony last vveek in Dubai . TAV Airports vvas namcd the best airport operatör , according to an announcement made by TAV Airports Holding follovving the Emerging Markets Airport Avvards , or EMAA , avvard ceremony in the United Arab Emirates . Georgia ' s Tbilisi International Airport , vvhich is operated by TAV Airports Holding , was seleeted the best among airports in Russia , the Caucasus , Eastern Europe and the Baltic countries . Meanvvhile , Monastir Habib Bourguiba Airport in Tunisia , vvhich is also operated by TAV , vvas seleeted the best airport among African airports . " We are celebrating our lOth year and vve are operating 10 airports in Turkey , Georgia , Tunisia and Macedonia , " said Sani Şener , chief executive officcr of TAV Airports Holding . " it is an honor for us to be seleeted as the best airport operatör by EMAA , vvhich is a leading association in the developing aviation sector , " he said . it is really important for TAV Airports Holding to be seleeted as the best airport in emerging markets such as EXECUTIVE : Sani Şener ( L ) is the chief executive officer of TAV Airports Holding . Georgia and Tunisia , said Şener , adding that TAV airports Holding invests in emerging markets . Noting that the holding has achieved international success , he said , " We are glad to have received avvards in Georgia and Tunisia . " TAV terminals hosted 42 million passengers in 2009 , said Şener . The number of passengers in the airports operated by TAV inereased by 19 percent during the first quarter of 2010 vvhen compared to the same period of 2009 , he said .

Akfen prepares for initial public offering ISTANBUL Hürriyet Daily News Akfen Holding, a Turkish conglomerate active in real estate, port and airport construction and energy, has applied to the Capital Markets Board, or SPK, for permission to announce an initial public offering. The IPO will consist of 29. 2 percent of the firm's stocks, with an additional reserve to increase the offering to 34. 6 percent. Hamdi Akin, chairman of the board at Akfen Holding, said in Istanbul on Friday that an "important share" of the funds from the IPO would be invested in the company's energy projects. Akfen Hydroelectric Plant Investments aims to initiate construction at its nine power plants in Turkey during the second half of 2010. The power plants are expected to be completed by the end of 2011. Akfen Holding has also applied for a license to construct a natural gas circuit power station at the Tarsus Industrial Zone in southern Turkey, which will generate 450 megawatts in electricity, and is expected to require an investment of $400 million. Akfen Holding will also invest 184 million euros in hydroelectric power plant projects. INVESTMENT: Akfen Holding is planning to complete a $40 million investment in the operations of the Mersin International Port within three years, says Hamdi Akin.