Norway's sovereign fund invests $1.6 bln in Türkiye
ISTANBUL
Norway's giant sovereign wealth fund, worth nearly $1.75 trillion, invested over $1.57 billion in company shares in Türkiye as of the end of 2024.
According to information gathered by state-run Anadolu Agency from Norges Bank, the organization in charge of overseeing the Norwegian Wealth Fund, the fund invested a portion of its holdings in 44 diversely sized businesses that operate in a range of industries last year.
The fund's portfolio included shares worth approximately $90 million in two energy companies: Türkiye Petrol Rafinerileri A.Ş. (Tüpraş) and Astor Enerji.
Koç Holding was the recipient of the largest share investment of the wealth fund in Türkiye. The fund owns a 0.90 percent stake in the company, with a total investment of approximately $115.6 million.
The fund invested $113.53 million in Akbank, $111.38 million in BİM, $82.96 million in Turkish Airlines and $77.42 million in Turkcell.
The fund's largest percentage stake in the Turkish portfolio is in MLP Sağlık Hizmetleri AS, in which it holds a 3.10 percent interest with an investment of $63.97 million.
Aksa Akrilik Kimya Sanayisi and İş Investment followed with the fund holding a 3 percent share in each. The total amount invested in the shares of these companies amounted to $42.64 million and $62.30 million, respectively.
Since 2008, the Norwegian Wealth Fund has boosted its holdings in Turkish company equities, having previously made modest investments in Türkiye since 2001.
The Norwegian Wealth Fund is also interested in stakes in major companies operating in the transportation, chemical, automotive, software and steel sectors in Türkiye.
The fund had increased its investments in Türkiye from $485 million in 2021 to $1.2 billion in 2022 and $1.3 billion in 2023.
The latest investment of $1.57 billion was the fund's largest investment in Türkiye so far.
