Government Denies Further Privatization In Turkish Airlines
Turkey's privatization board denied reports on Friday that the government was preparing to sell part of its 49.12 percent stake in Turkish Airlines (THY), Europe's fourth-largest carrier.
In a written statement to Bourse İstanbul (BIST), the Privatization Board (ÖİB) said they "have no plans or studies under way to privatize state shares in THY."
Reports earlier in the day said the ÖİB had decided to assign McKinsey & Company as a consultant in an alleged privatization. A consortium of the Industrial Development Bank of Turkey (TSKB), UniCredit Group and Yapı Kredi Yatırım Menkul Değerler AŞ provided consultancy for THY on privatization until March 3, when their contract with the board expired. Turkey held a public offering of 25 percent of the airline in May 2006, when the government's ownership fell below 50 percent. The remaining 50.8 percent is traded publicly on BIST.
Shares in Turkish Airlines traded up 0.25 percent at 8 lira, underperforming BIST, which traded up 1.25 percent on Friday.
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