Banks take a stake in Galataport: Doğuş Holding's shares transferred

Doğuş Holding has transferred a portion of its port shares in the Galataport project to banks due to 1.02 billion Euros (1.1 billion dollars) in outstanding loans.

The Industrial Development Bank of Turkey (TSKB), İş Bankası, Yapı Kredi, and Garanti Bank stated in their notifications to the Public Disclosure Platform (KAP) that they have signed a restructuring agreement with Doğuş Holding.

The KAP statements included the following: "In order to collect a portion of the loans under the agreement, 49 percent of the shares representing the total capital of Galataport will be acquired by the lending banks according to their pro-rata shares, with a three-year buyback option granted to Doğuş Galataport."

In this context, the shares the banks expect to acquire from Galataport's capital are as follows:

TSKB: 5.23 percent

İş Bankası: 7.18 percent

Yapı Kredi: 13.2 percent

Garanti Bankası: 12.28 percent

In their KAP statements, the banks expressed that they expect the shares to be acquired by the end of 2024.