Certain public companies owned and partially owned by the Turkish Treasury have been transferred to the recently established Sovereign Wealth Fund (more). In addition, 3 billion Turkish Lira which was previously owned or used by the Defence Industry Support Fund has been transferred to the Wealth Fund for three months.

The Turkey Wealth Fund Management Incorporation (“Wealth Fund”) was incorporated on 26 August 2016 and registered with the Istanbul Commercial Registry on 7 November 2016. All shares are held by the Directorate of Privatization Administration.

The Treasury’s shares in the following publically listed companies have been transferred the Wealth Fund:

3 billion Turkish Lira which was previously owned or used by the Defence Industry Support Fund has been transferred to the Wealth Fund, to be repaid within three months.

Please see the links below for full text of the relevant legislation, effective on 5 February 2017 (only available in Turkish):