Factbox: Turkish firms holding, buying Russian assets after U.S. warning

Sisecam Resources LP

26/08/2022 10:52

Aug 26 (Reuters) - The United States warned Turkey's largest
business group of possible sanctions risks this week if its
companies do business with Russian entities and individuals
targetted by Washington over Moscow's war in Ukraine. 
    U.S. Deputy Treasury Secretary Wally Adeyemo sent the letter
to the TUSIAD business association, which has some 45,000
members. Turkey's finance minister Nureddin Nebati called any
concerns stemming from it "meaningless" on Friday.  urn:newsml:reuters.com:*:nL8N3021SJ
    NATO member Ankara opposes Western sanctions on Moscow and
has ramped up trade and tourism with Russia even as it opposes
the invasion. It has also pledged that the sanctions will not be
circumvented in Turkey.  urn:newsml:reuters.com:*:nL8N2ZZ4ZU  urn:newsml:reuters.com:*:nL5N2VQ24O 
    Some Turkish firms have purchased or sought to buy Russian
assets from Western partners pulling back due to the sanctions,
while others maintain large assets in the country. Here is a
partial list: 
    
    TURKISH COMPANIES THAT ACQUIRED OR SOUGHT TO BUY RUSSIAN
ASSETS SINCE WAR BEGAN:

    * Belgian brewer Anheuser-Busch InBev  ABI.BR  said in April
it was in active talks to sell its non-controlling stake in its
Russian joint venture AB InBev Efes to Turkish partner Anadolu
Efes  AEFES.IS .  urn:newsml:reuters.com:*:nL5N2WK1GY
    
    * Turkey's Koc Holding's  KCHOL.IS  appliances giant Arcelik
 ARCLK.IS  signed a share purchase agreement with U.S.-based
Whirlpool  WHR.N  for all shares in the latter's Russian units
Indesit International JSC and Whirlpool RUS LLC for $233
million.  urn:newsml:reuters.com:*:nFWN2YF04Q
    
    * Turkey's Fiba Retail is in talks to become a franchise
partner for Spanish chain Mango's Russia stores, Russian media
reported.  urn:newsml:reuters.com:*:nL8N2Z3174
    
    * Turkey's Flo Shoes reported in May that it was in talks to
buy more than 100 stores owned by fitness brand Reebok in
Russia.  urn:newsml:reuters.com:*:nL2N2X80I8
    
    TOP ISTANBUL-LISTED COMPANIES MAINTAINING RUSSIAN ASSETS
BASED ON DISCLOSURES:

    * Glass and glass products producer Sisecam holds four
Russian subsidiaries with 31.88 billion roubles ($530.4 million)
in assets. The company reported its annual production capacity
in Russia to be 1.6 million tons at the end of 2021. 
        
    * Conglomerate Zorlu's appliances business Vestel has
Russian assets valued at 8.81 billion roubles. With its sales
and operational businesses, Vestel's Russian assets total 9.30
billion roubles.

    * Is Bank's Russian subsidiary is valued at 4.76 billion
roubles.
    
    * Conglomerate Koc Holding's Arcelik has full ownership of
Russian unit Beko LLC which has 4.28 billion roubles in assets. 
    
    * Construction mogul Enka's Russian subsidiary totals 3.85
billion roubles in assets. 
    
    * Denizbank's Russian subsidiary has 1.13 billion roubles in
assets. 
    
    ($1 = 60.1 roubles)

 (Reporting by Azra Ceylan, Canan Sevgili and Halilcan Soran;
Additional reporting by Elena Vardon; Editing by Jonathan Spicer
and Jacqueline Wong)
 ((halilcan.soran@thomsonreuters.com;))