Record Level High Capital Increase by İGA
The highest capital increase of recent years in the giant project...
İGA, the construction and 25-year operation contractor of the İstanbul New Airport, increases its capital by 1,790 Billion TRY to 6,240 Billion TRY. Following this unprecedented increase, İGA reached the size of 4th company among Fortune 500 list in terms of equity capital. Since its establishment, İGA’s Shareholder’s equity reached 1,6 Billion EURO.
İGA Airport Operations that is going to contribute to the global civil aviation industry with the İstanbul New Airport as a significant infrastructure has increased its capital. Under a decision taken at the Shareholders’ Assembly meeting of İGA Airport Operations on the 26th of July 2018, the company has increased its capital by 1,790 Billion TRY to 6,240 Billion TRY from 4,450 Billion TRY. Each one of Cengiz, Mapa, Limak, Kolin, and Kalyon Group companies, the members of İGA consortium, has contributed to this capital increase by five equal shares of 358 Million TRY. With this investment of İGA partner’s equity has reached 1 billion 615 Million EURO.
The fourth in Turkey in terms of total assets!
Mr. Kadri Samsunlu, the Chief Executive Officer and General Manager of İGA Airport Operations points out that the airport construction has been completed by 94 percent and continues: “We have set very strong targets for the İstanbul New Airport to offer additional added value to the Turkish economy. Currently, the capital of İGA has increased same level of the biggest companies. This decision is an evidence to the trust of our shareholders in the Turkish economy and to the fact that İGA’s airport construction and operation has been performed by far above the world standards and that İstanbul will become the world’s aviation hub. We have less than 90 days to the opening. We can say that this capital increase has both reinforced our company’s financial structure and ensured the making of required investment at a fast pace. According to an economic impact assessment we had done by an independent institution in 2016, the İstanbul New Airport can create direct and indirect employment opportunities for 225 thousand persons by the year 2025. It is also forecast that the household income we will generate can amount up to nearly USD 4.4 billion dollars and contribution to Turkey’s national economy can be up to 4.9% of the national income. And this indicates us that the İstanbul New Airport will greatly contribute to Turkish economy.”
With this capital increase in terms of asset size and based on the equity, İstanbul New Airport is one of the largest companies in Turkey's noted by Samsunlu. Thus, in terms of equity capital, İstanbul New Airport is able to become the fourth-highest company in Fortune 500 list after the THY, Tüpraş and Turkcell.