(+) Tofas CEO gave hints on possible new investments abroad CEO Cengiz Eroldu gave hints on Tofas’ prospective new investments. While speaking to the press about the success of the Egea family, Eroldu stated that they are entering new markets such as Africa, Russia and Latin American countries (excluding Brasil and Argentina). He added some countries such as Egypt and Algeria are difficult to exist for Tofas without local production and hence Tofas may collaborate with some local companies in these countries. He stated that the studies are continuing. Tofas officials have been speaking about possible investments abroad and this is the first time they are unveiling their interest in African countries. However, at this point it is not clear how the collaboration with local companies be. It can be in the form of CKD exports from Turkey and assembly in these countries in our view. The amount of possible licensing fees, pledged volumes and the local partner will be important – but we see the developments as slightly positive.
(+) Tofas CEO’su yurtdışında yeni yatırımlarla igili ipucu verdi. Tofas CEO’su Cengiz Eroldu Egea ile yeni pazarlara girmeye başladıklarını söylerken, özellikle Mısır ve Cezayir gibi ülkelerde üretim olmadan var olmanın çok zor olduğunu söyledi. Eroldu bu pazarlar için görüşmelerin devam ettiğini söyledi.
