ANKARA, Nov 30 (KUNA) -- Turkey Wealth Fund (TWF) said Qatar Investment Authority (QIA) completed Monday acquisition of 10 percent of shares in Borsa Istanbul AS.
"The 10 percent share transfer in Borsa Istanbul is one of the very first steps for the long-term cooperation between the two sovereign wealth funds," TWF CEO Zafer Sonmez said in a statement.
The transaction size of USD 200 million implied a total equity value of USD two billion.
Zonmez said this investment would support value creation and strengthen corporate governance of Borsa Istanbul before an IPO of the company that "we plan to pursue in the medium term."
The transaction is also a demonstration of foreign direct investment in Turkey during the Covid-19 pandemic and global economic challenges, he said.
Upon the completion of the transaction, TWF remains the largest shareholder in Borsa Istanbul with an 80.6 percent. QIA will have 10 percent and remaining shares shares are held by prominent local capital markets institutions. (end)