Global Eneji (GE), a fully-owned subsidiary of Global Yatırım Holding (GYH) announces that it has reached an agreement with Akkök Sanayi Yatırım ve Geliştirme A.Ş. (Akkök) for the 55% share transfer of ownership in the Sirnak Power Plant, a 270MW asphaltite-powered electricty plant of circulating fluidized bed boiler technology located in Sirnak, south east Turkey.

Contingent on satisfactory due diliginence and pending approvals of the Energy Market Regulatory Board and Turkish Competition Authority, 55% of Geliş Madencilik Enerji İnşaat Ticaret A.Ş. (Geliş Madencilik) and 55% of Galata Enerji Üretim Sanayi ve Ticaret A.Ş. (Galata Enerji) will be transferred to Akkök by GE, which currently owns 85% in both entities.

Commercial terms of the share transfer will be released after the completion of the due process.

Kanat Emiroğlu, the Chairman of GE, noting the parties have reached a tentative agreement for a possible partnerhip in the Sirnak Power Plant added that ” Akkok is one of the most significant electricity producers in the country as well as being a sizeable industrial consumer. Additionally, their experience in running complicated EPC contracts and expertise in retail, trading and generation parts of the energy value chain were critical in our selection process.”

Mr. Emiroğlu continued as “The Sinak power plant will be among the most efficient power producers in the country. Utilizing the locally-procured asphaltite, it will contribute towards lower energy imports and a sustainable reduction in the current account deficit. The current project envisages the contruction of a 135+135 MW plant, yet reserve estimates point to sufficient reseources to support a significantly higher capacity. In this regard, the choice of Akkok as a potential partner is important; the group has the ability and the willingness to travel the next mile with us in maximizing the potential on the ground. Moreover, the plant will be the largest industrial development in the region, and as the leading private sector employer will provide significant employment opportunities to the residents of Sirnak and the viscinity.”

Finally, Mr. Emiroğlu remarked that partnership with a strong group like Akkok, if materialized, would enable GE to divert resources to other attractive projects the company is currently pursuing in the energy sphere.

We will continue to keep you abreast of the developments.

www.globalyatirim.com.tr

Further Information:
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About GYH:
Global Yatırım Holding A.Ş. (GYH) was regrouped as a holding company in October 2004 to hold a diversified portfolio of investments in a number of businesses, including infrastructure, real estate, energy, and financial services. GYH is listed on Borsa Istanbul (as GLYHO.IS) and utilizes its experience in the finance sector for industrial business opportunities.

About GE:
GE, a wholly owned subsidiary of GIH has been established to create a robust platform for the energy sector investments of the Group. GE owns 80% of Naturelgaz, a company engaged in the sale and distribution of compressed natural gas. GE is also developing a thermal power generation plant, and is expanding the scope of its energy operations with solar and other renewable energy projects, each at various stages of development. GE has also invested in tri-generation as well as in mining of feldspar.

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