[:en]Norway’s $1.16 trillion (TL 9.12 trillion) sovereign wealth fund is expanding its investments in various sectors in Turkey, proven by its latest purchase of a stake in a Turkish confectionery producer.
The world’s largest sovereign wealth fund has invested nearly $800 million in different Turkish companies as of December 2019.
It most recently purchased 7.7% of Kervan Gıda’s shares, worth of TL 4 million ($509,113), according to a statement made by Oyak Yatırım, a subsidiary of Turkey’s military pension fund Oyak, on Public Disclosure Platform (KAP) on Monday.
The company’s initial public offering (IPO) on Nov. 26-27 received high demand from investors and one-third of the shares were allocated to domestic individual investors.
Kervan is best known for its Bebeto brand, under which it produces jelly tots and soft candies.
The Norwegian fund bought shares in six Turkish energy companies with investments totaling around $117 million up to the end of 2019, according to official figures from Norway’s Norges Bank Investment Management.
It made its biggest energy investment in the Turkish refinery, Tüpraş, valued at $54.65 million. It was followed by an investment of $38.94 million in Ereğli Demir Çelik. The fund holds a 1.02% share in Tüpraş and a 0.73% share in Ereğli.
The fund’s manager, Norges Bank, also invested $10.4 million in Turkish energy company Aygaz, owning around 1.61% of the company.
It made three other minor investments in energy companies Aksa and Enerjisa and the Kardemir Karabük Iron and Steel Industry (Kardemir).
The fund’s biggest investment overall was in private lender Akbank, valued at $101.65 million for a 1.43% ownership.
It also holds the largest single stake (4.01%) in Turkey’s first automotive manufacturer, Türk Traktör.
It has also invested in a variety of other sectors, including communication services, glass and chemical production, as well as furniture, food and drink companies.