Business News

NFD Holding Finds Turkish Buyer for Investment Wing

Ljubljana, 06 November (STA) - The cash-strapped financial group NFD Holding has found two Turkish buyers for a 48.5% stake in its NFD investment wing, according to a statement issued by the holding on Wednesday.

Turkish venture capital fund Elements Capital Partners and financial firm Neta Yatirim Menkul Degerler agreed to buy nearly half of the financial firm from the NFD Holding, the statement reads.

Meanwhile, the daily Dnevnik reports on Wednesday that the Turkish buyers have also bought stakes from other NFD owners which will make them majority owners.

Together with the stakes acquired from Hoteli Bernardin and the banks Banka Celje and Probanka, the Turkish companies are set to control 82% of NFD.

The transaction is reported by Dnevnik to be worth around EUR 11m: in addition to a EUR 3m payment for the shares, the buyers are also expected to repay EUR 6m in loans held by NFD and provide it with a capital injection of EUR 2m.

According to Dnevnik, financial firm Neta Yatirim is part of the BAB Group owned by one of Turkey's richest men, Bayram Ali Bayramoglu.

The completion of the transaction is subject to approval from the Securities Market Agency.

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