Turkish conglomerate Kibar Holding seeks to grow abroad: CEO
ISTANBUL - Reuters
Turkish conglomerate Kibar Holding hopes to make investments in the United States, Europe and Africa while it looks to exit or merge some parts of its business in Turkey, chief executive Tamer Saka told Reuters.
Growth opportunities were limited in Turkey, where Kibar Holding was either market leader or runner-up in sectors that it operates, Saka said.
“We need to grow abroad. We are seeking alternative investments,” he said in an interview on Dec. 18, pointing to investment opportunities in the United States, Germany, Spain and the United Kingdom, as well as possible acquisitions.
At the same time, it may exit or merge some of its businesses.
“The growth potential is more important in the businesses we are better at. We need to be making investments towards those businesses,” he said.
Saka also said in an interview that Kibar Holding was preparing for the initial public offering of some of the group’s companies, possibly at the beginning of 2019.
“In the next 3-4 years some group companies will definitely be listed,” he said.
Kibar Holding, which expects to achieve a combined annual revenue of 25 billion lira ($6.49 billion) in 2017, operates in seven sectors including automotive, food and metal. It has international business partners including South Korean Hyundai , Posco and Daewoo.
Hyundai Assan, a joint venture of Kibar Holding and Hyundai, is highly likely to produce a sport utility vehicle (SUV), Saka said, adding that the company plans to produce a new version of its i10 model in 2020 and will start 5-door hatchback production later on.