Feb 07 2012 |
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Venture Capital Bank and Bank Alkhair announce the acquisition of 65% of leading Turkish food producer Goknur
Manama, February 07, 2012 - Venture Capital Bank and Bank Alkhair (formerly Unicorn Investment Bank ) announced today the acquisition of 65% of Goknur Foods Import Export Trading and Production Co., which is one of the largest producers of fruit juice concentrate and fruit puree in Turkey. This equity stake in Goknur has been placed with investors in the GCC region.
The agreement was signed on the sidelines of the opening session of the 1st GCC -Turkey Business Forum, which was held under the patronage of His Excellency Mr. Recep Tayyip Erdogan, the Turkish Prime Minister, on Monday.
Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Bahrain Economic Development Board ( EDB ), commented: "Building on the strong relationship between Turkey and Bahrain, as well as the wider Gulf region, is an essential part of the ongoing economic diversification plans for the Kingdom. There are opportunities for inward investment as Goknur seeks to expand in the Gulf, and I congratulate Venture Capital Bank and Bank Alkhair on completing this important transaction."
On the occasion, Dr. Ghassan Al Suleiman, Chairman of Venture Capital Bank , said: "This transaction underlines our faith in the strength of the Turkish economy and its vast potential to attract global investment. In partnership with Bank Alkhair , Venture Capital Bank has identified this unique opportunity to enter the rapidly growing Turkish market. We continuously strive to identify opportunities that will allow us to achieve optimal results, while contributing effectively to the economies of the MENA region."
Mr. Yousef Al-Shelash, Chairman of Bank Alkhair , commented, "We are pleased to have arranged and co-structured this transaction, which marks one of the largest investments in the agro-food sector in Turkey. We look forward to working with Venture Capital Bank to support Goknur's growth plans in Turkey, as well as the company's planned expansion in its export markets, including the Middle East."
He added: "The acquisition of Goknur demonstrates Bank Alkhair 's commitment to the Turkish market and reflects our confidence in its growth prospects. It also underscores the importance of Turkey as a key destination for Middle East private equity investments. Turkey's high rate of growth relative to other emerging markets has resulted in a growing appetite on the part of foreign investors for exposure to Turkey, and through our subsidiary, Alkhair Capital Turkey, Bank Alkhair intends to leverage these developments to attract further investment from the GCC region into Turkey."
Mr. Osman Aslanali, CEO of Goknur Foods Import Export Trading and Production Co., expressed his pride in this partnership with Venture Capital Bank and Bank Alkhair , commenting that it will contribute to enhancing the future expansion plans of the company, particularly in view of the vast investment potential of Goknur as one of the leading companies in importing, exporting and food production in Turkey.
"We look forward to working with our partners to fulfill our growth plans and further grow Goknur. This partnership will allow Goknur to enter new markets, thereby increasing the visibility of Turkish products internationally."
-Ends-
About Goknur
Established in 1993, Goknur Foods Import Export Trading and Production Co. ("Goknur" or "the Company") is the largest fruit juice concentrate and fruit puree producer and exporter in the Turkish Market with a large customer portfolio. Goknur owns 4.2 million sq.m of certified organic farmland. It is the only player in the market, along with another competitor that can offer customers organic juice concentration on a large scale.
With a total daily processing capacity of 2,000 tons of fruits, Goknur produces clear and cloudy fruit juice concentrates, fruit purees and puree concentrates by processing a wide range of well-chosen organic and conventional fruits and vegetables such as apple, pear, quince, black/orange carrot, pomegranate, sour and sweet cherry, red and white grape, strawberry, mulberry, orange, lemon, grapefruit, mandarin, fig, peach, apricot, tomato and banana.
Goknur's head office is located in Ankara, while production facilities are located in Nigde which is considered one of the main fruit sources of Turkey.
Goknur maintains the largest market share among Turkish fruit juice concentrate exporters, as the Company accounts for around 50% of the Turkish fruit juice concentrate export market. It exports to about 60 countries.
www.goknur.com.tr
About Venture Capital Bank
Incorporated in the Kingdom of Bahrain in October 2005,
Venture Capital Bank
(VCBank) offers clients a broad array of superior services and unique investment opportunities across a number of promising assets classes in the GCC and MENA markets. The Bank is active in four principal areas: venture capital and business development, private equity, real estate and financial advisory. VCBank is uniquely positioned to lead the development of the nascent venture capital industry in the region by providing unmatched levels of support for fundamentally strong, undervalued, small-to-medium enterprises (SMEs) that lack the necessary resources for growth and expansion.
www.vc-bank.com
About Bank Alkhair
Founded in 2004 and headquartered in Bahrain,
Bank Alkhair
is an Islamic wholesale bank licensed by the Central Bank of Bahrain, with an international presence in Saudi Arabia, Malaysia and Turkey. The Bank is also a major shareholder in Burj Bank (formerly Dawood Islamic Bank), Pakistan.
Bank Alkhair
has completed several landmark transactions since its inception, including the establishment of t'azur, a regional Takaful company; the acquisition of Bahrain Financing Company, the oldest and one of the leading foreign exchange and remittance houses in the GCC; and the successful launch of the Strategic Acquisition Fund, a fund established to acquire strategic stake in commercial banks globally.
www.bankalkhair.com
Media Contacts
Hisham Abu Alfateh
Venture Capital Bank
Phone: +973 17518878/ +973 39671155
Email: abualfateh@vc-bank.com
Mai Aljishi
Bank Alkhair
Phone: +973 17566214/ +973 39467956
Email: maljishi@bankalkhair.com
Sami Amin
Hill & Knowlton
Phone: +973 17533532
Email: sami.amin@hkstrategies.com
© Press Release 2012
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