Exchange Rate Discussion in Share Sale of Yavuz Sultan Selim Bridge

exchange rate exchange share of Yavuz Sultan
exchange rate exchange share of Yavuz Sultan

Due to the financial bottleneck that Italian Astaldi entered, the sales negotiations of 33 percent of the shares in Yavuz Sultan Selim Bridge were fixed to the exchange rate adjustments in the tolls.

Interviews between Astaldi, one of the partners of Yavuz Sultan Selim Bridge, and the Chinese consortium, which he discussed as part of 33 share sales, were blocked by discussions on tolls.

Astaldi and his Turkish partner İçtaş are meeting with Chinese investors, led by a group of China Merchants Group, Bloomberg reported on based on 4 sources. Italian construction company Astaldi, which is stuck in cash at the focus of the negotiations, has a sale of 33 percent of its shares in Yavuz Sultan Selim Bridge. The potential sale of some of the shares of Turkish common İçtaş is also on the table.

Bloomberg states that all parties that are party to the bridge demand the government to make a one-time exchange rate adjustment four times a year in the calculation of the tolls. The parties thus aim to limit the effect of possible fluctuations in the Turkish Lira.

According to the agreement, the expression of the dollar rate based on the date of January 1 is converted into TL and this is valid for one year in the Yavuz Sultan Selim Bridge passage fee.

At Yavuz Sultan Selim Bridge, the toll is determined as 3 dollars + VAT for the cars.

In May, Astaldi stated that the investor meeting in May required an increase of 350 million euros for the capital increase and the sale of assets was on the agenda.

Another option on the table for Astaldi, which had difficulty with foreign currency-based loans that caused the sale of shares on the bridge, is the transfer of shares to the Turkish partner İçtaş. Bloomberg, in the news that it is based on two sources, states that these negotiations are blocked.

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