Antalya Port Concession

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In October 2006, Turkish Savings Deposit Insurance Fund (TMSF) sold the 99.99% stake in the Orta Dogu Antalya Port Management Inc to a private consortium Mediterranean Port Management Corp to manage the Antalya Port for 22 years. The consortium company paid $61 million to the TMSF and committed to invest $10 million in the mid-term to upgrade the port and to increase the passenger capacity by 50-100%. Mediterranean Port Management (also called as Orta Dogu Antalya Liman Isletmeleri) was a joint venture formed by the two companies: Celebi Yatirim Danismanlik, an affiliate of Celebi Holding and Global Altyapi, an affiliate of the Global Yatirim Holding. They had equal shares of 50% in the consortium. Initially, in July 27, 2006, six companies submitted their offers for the Antalya Port concession. Mediterranean Port Management gave the highest bid of $60 million. The other companies which took part in the tender were Yenigun Construction Corp., IC Ictas Airport Investment Management & Trade Corp., Akfen Holding Corp., Cengiz Construction, Industry & Trade Corp. and Ozaltin Construction, Trade & Industry Corp. However, TMSF rejected the first bidding session as the highest bid was below the estimated value of Antalya Port, $74 million. In July 28, 2006, a new concession was granted through the bargaining method. Mediterranean Port Management won the concession, offering the highest bid of $61 million. Antalya Port was located at the coast of the Gulf of Antalya. It had two main sections: the new commercial port with an annual loading capacity of three million tons, including cargo handling facilities and bulk cargo facilities and the yacht harbor. http://www.asbas.com.tr/en/asb.asp