EREGLI IRON & STEELWORKS: This is the sale of the state’s 51.66 per cent stake. The total applied cash value for the company is estimated at $1,200 million, but present market valuation according to shares already trading on Istanbul stock exchange is about 50 per cent of that figure. It is one of most profitable companies in the domestic sector and the sole maker of flat products. It is nearing completion of $1,500 million capacity improvement and expansion programme to increase raw steel capacity by one third to about 3 million tonnes annually by 1995-96.

Adviser: CS First Boston.

Progress: Preliminary bids are expected late December or early January, for preparation of a short-list. Around 12 major local and foreign companies have already expressed an interest and have visited the complex on the Black Sea to the east of Istanbul. A core investor is sought for technological inputs and international marketing expertise. However, the government may keep a golden share for investor assurance.

Schedule: Sale within four months. An initial 25-30 per cent in block sales is to be followed by 20-25 per cent in private placements. Deals could be completed by the second quarter of 1995.

Value: About $400 million.

PETROL OFISI: A refined products distributor that has showed healthy profits in the first nine months of 1994.

Adviser: Group led by Chase Manhattan.

Progress: The first-stage preparation and valuation is completed and the second stage for the invitation of bidders is to start soon. There has been strong interest from international oil majors. It could be sold in tandem with refineries, perhaps through linked options (see below).

Schedule: The initial sale of 20 per cent is to be made through a private placement in two months. Another 50-55 per cent is to be made through block sales and public offerings within six months.

Value: Up to $1,000 million.

TURKISH PETROLEUM REFINERIES CORPORATION (TUPRAS): Tupras is the majority domestic refiner. Only its complexes at Aliaga near Izmir and at Izmit will be sold with the refinery at Kirikkale near Ankara to be retained as a strategic investment, and a fourth at Batman is too old. Heavy losses of about TL 3.5 million million ($1,000 million) in 1994, due to political manipulation of prices below international levels, will be retained by Tupras or assigned to another government budget.

Adviser: Group led by Chase Manhattan.

Schedule: Sale within five months.

Value: More than $1,000 million

(combined).

PETKIM: A giant petrochemicals combine that made losses in 1993 due to higher financial expenses, particularly loan costs, plus low prices for products.

Adviser: Samuel Montagu.

Progress: Discussions have included possible downstream joint ventures.

Schedule: Block sales together with 20 per cent public offering to be made in

11-12 months.

Value: Up to $1,000 million.

TURK HAVA YOLLARI (THY – TURKISH AIRLINES): A loss-making carrier but this is due to heavy investment in 1990s in fleet acquisition and standardisation programme, together with expansion of its international route networks. It is classed as having strategic importance, so the government will retain a golden share.

Adviser: Not yet appointed.

Progress: Preparation for sale has been made internally.

Schedule: Thirty per cent is to be sold in blocks in six months, with another 15 per cent public offering in the following months.

Value: Up to $300 million.

PETLAS: Tyre maker at Kirsehir in Central Anatolia.

Progress: Previous sale attempts held up by legislative delay.

Schedule: Block sales should be made within three months.

Adviser: Not yet appointed.

Value: $60 million-70 million.

SUMMERBANK: State commercial institution, formerly centre of textile, leather and porcelain conglomerate.

Progress: Previous sale attempts have been held up by legislative delay.

Schedule: Sale should be made within two months, perhaps as a block sale of 35 per cent, with the remainder offered through Istanbul stock exchange.

Adviser: Not yet appointed.

Value: Up to $100 million.

HAVE: Airport ground handling company.

Progress: Preparation underway.

Advisers: Not yet appointed.

Schedule: Block sales for 60 per cent and 40 per cent through public offering.

Value: About $60 million.