Turkish banks acquiring 49% of Galataport’s capital share to settle $1.1B debt
First tourist ship, named Sea Dream, arrives from Bulgaria to Galataport Istanbul, Türkiye on Oct. 1, 2021. (AA Photo)
Istanbul’s renowned port operator, Galataport, will transfer 49% of total capital shares to five creditor banks for restructuring of $1.1 billion in debt, acquiring banks announced.
According to statements released by the banks to Türkiye’s Public Disclosure Platform, Galataport’s 49% total capital shares will be acquired by the creditor banks in proportion to their respective credit allocations under the agreement aimed at recovering a portion of the outstanding loans.
The shares to be acquired by the banks are as follows, according to statements:
- Yapı Kredi Bank: 13.2%
- Garanti BBVA: 12.18%
- Türkiye Is Bank: 7.18%
- Industrial Development Bank of Türkiye (TSKB): 5.23%
- QNB: 4.8%
Under the agreement, which grants Dogus Holding, the owner of Galataport, a three-year buyback option, the banks are expected to complete the acquisition by the end of 2024.
