Why are İhlas Holding (IHLAS) shares rising? Who owns İhlas Holding? Why is it on the rise?

İhlas Holding signed a series of significant agreements in the energy sector with the Kyrgyzstan administration in November. The company's recent rise is driven by the investments it has made in Kyrgyzstan.

WHAT INVESTMENT DID IHLAS MAKE?

In a Public Disclosure Platform (KAP) notification on November 4, İhlas Holding announced its decision to acquire a 30% stake in Central Asia Investment Holding, which operates in Kyrgyzstan, at nominal value. It was announced that an investment of up to 10 million dollars would be made within the scope of the contract to be signed with shareholders following the transfer.

500 MILLION DOLLAR AGREEMENT WITH BISHKEK

Through Central Asia Investment, the company signed a 300 million dollar investment agreement with the Bishkek Mayor's Office for the energy sector. This agreement covers the construction and 15-year operation of a natural gas combined cycle power plant with a capacity of over 250 MW.

7 BILLION DOLLAR HYDROELECTRIC POWER PLANT INVESTMENT

On November 5, the company signed an agreement for a 1200 MW capacity hydroelectric power plant in the Kazarman region, with an investment value of 7 billion dollars.

HOW MUCH HAS IHLAS INCREASED?

While these investments by İhlas Holding have attracted the attention of investors, IHLAS shares have recorded an increase of 242.8% following the developments on November 5. As of December 3, 2024, IHLAS shares are trading at 4.78 TL.

WHO OWNS İhlas Holding?

The chairman of the board and owner of İhlas Holding is Ahmet Mücahid Ören. He is the son of the holding's founder, Enver Ören. Born in Istanbul in 1972, he graduated from the Faculty of Economics at Anadolu University. He was appointed CEO of İhlas Holding in 1998 and assumed the role of chairman of the board following his father's passing in 2013. The holding also has many subsidiaries operating in various fields such as media and construction.