Compas, Global Leading Caterer Acquires All shares in Turkey’s Sofra Catering
London-based Compass Group, the world’s leading caterer, announced on Wednesday that it acquired all of the shares in its Turkish venture fast-growing Sofra Group. Compass had 50 percent of shares in Sofra prior to the acquisition.
“Compass has delivered strong performance in the first half of the financial year,” chief executive Richard Cousins said in the group’s statement, Agence-France Presse reported Wednesday.
“In addition to making a number of important acquisitions in India during the first half, we are pleased to announce this morning the acquisition of the remaining 50 percent of our fast growing business in Turkey,” Cousins said.
“We believe that the emerging markets offer considerable scope for development and we are excited about the opportunities we see. We are using our strong cash flow to support the expansion of the business and to reward shareholders,” Cousins added.
The company also said that its half-year net profits rose 15 percent. Employing more than 15,000 people, Sofra Group was selected as the top company of its sector in the “Capital 500” list of 2009.
Turkish concrete firm signs partnership deal
Meanwhile, one of Turkey’s leading concrete producers AKG Gazbeton concluded a partnership agreement with ADM Capital, the Hong Kong-based fund manager, according to a Wednesday statement from the company.
ADM Capital has become the minority partner of AKG with a total of 15 million euros capital, obtaining 45.7 percent share.
With the partnership, AKG GAzbeton aims to increase its market share to 45 percent.
ADM Capital, which manages funds worth nearly $1.6 billion in 16 countries, has revealed investments worth more than $400 million in Turkey until now.
Compass acquires all shares in Turkey’s Sofra catering
May 18, 2011
SOURCE: TURKISH DAILY NEWS
