Turkish Company Move from Kuwait Wealth Fund
According to the statements made by Zorlu Holding, 12.34 percent of Zorlu Enerji is being transferred to Wren House Infrastructure LP, a subsidiary of the Kuwait Wealth Fund, for 38 million dollars. Zorlu also reached an agreement with the Kuwait Wealth Fund for the sale of its subsidiary ZES in the Netherlands.
Zorlu Holding announced that an agreement has been reached for the sale of a minority stake in Zorlu Enerji to a subsidiary of the Kuwait Wealth Fund. 12.34 percent of Zorlu Enerji will be transferred to Wren House Infrastructure LP, a subsidiary of the Kuwait Wealth Fund, for 38 million dollars.
According to the announcement made by the company to the Public Disclosure Platform (KAP), the share transfer will not lead to a change in the management control of the company and the proceeds from the share transfer will be used to pay Zorlu Enerji financial debts.
In addition, Zorlu Holding added that it has also agreed with Kuwait Wealth Fund for the sale of the majority shares of its Dutch subsidiary ZES.
According to the announcement on KAP, Zorlu Enerji subsidiary ZES Dijital will be incorporated into ZES. Afterwards, all ZES shares will be transferred to the new company to be established abroad. The majority shares of the new company will be transferred to Wren House Infrastructure for 50 million dollars.
With the completion of the share transfers, it is estimated that Zorlu Enerji’s foreign loan principal debt will decrease by 100 million dollars.
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