Two local companies have returned the highest bids in tender competitions for the privatisation of a bank and a magnesite producing company, according to the govern-ment's Privatisation Administration (OIB).

The highest bidder in a re-tender for Sumerbank, with a price of $103.6 million, is Ipeks Iplik Tekstil Sanayi. The other bidders in this round of negotiations were the local Anadolu Holding ($97.15 million), and Surmeli Turizm ($90.38 million). The government has tried unsuccessfully to privatise Sumerbank three times in the past two years, most recently in the first quarter of this year.

The highest bid, of $108 million, to purchase state-owned Kutahya Manyezit Isletmeleri, a magnesite producer, came from the local Zeytinoglu Holding. Four offers were returned to the OIB.

The other three offers came from Eire-based Glenway Ventures ($101 million), the local Rumeli Holding ($98 million), and the local Kutahya Konsorsiyum ($55 million).

In a separate development, Alanya Ozkaymak Turizm Isletmeciligi has submitted the highest offer of $7.5 million out of five local bids to the OIB for the Cesme hotel and annexes owned by the state's Turban Turizm.