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Emaar Acquires Turkish Unit
DUBAI - Emaar Properties said on Sunday it bought the entire shares of Emaar Turkey from Cihan Kamer, chairman of gold exporter Atasay Group.
Emaar acquired Kamer’s 40 per cent-stake in its Turkey subsidiary, it said in a statement on the Dubai bourse Web site without saying how much it paid for the stake.
Emaar completed the transaction on Jan. 22 this year after it took a decision in August last year to fully own its unit, according to the statement.
“Emaar Turkey, now a 100 per cent subsidiary of Emaar Properties, will continue its investments in Turkey not only in residential projects, but also shopping malls, health, education, tourism and entertainment sectors,” Ozan Balaban, general manager of Emaar Turkey said.
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