Rights to operate toll roads of 1,975 km, two connecting roads and two bridges in Turkey, have now been given to three companies' consortium which includes UEM Group Bhd, Koç Holding and Gözde Girisim Sermayesi Yatirim Ortakligi.

The highest bid for US$5.72 billion was offered by the consortium for the privatization while UEM group holds 40% share in the consortium. The tenders were decided yesterday in a live bid in Ankara.

The Privatization Administration held the tender and the concession was largest in the country till date, as reported. Datuk Izzaddin Idris, the UEM Group Managing Director and Chief Executive said that the step was significant for UEM group as they have always wanted to extend their expressway service offering beyond India, Indonesia and Malaysia.

Koc group holds 40% shares in the consortium while Gözde Girisim holds 20%. The tender is yet to be approved by the Turkey's Privatization High Council, Competition Board and Council of State. The event took place on December 17.

"We're talking about a tender that was postponed four times, so the group is well-prepared regarding financing. This is a very foreseeable and long-term asset. Financing will be easy", commented Cenk Ercan, an Analyst at HSBC Holdings Plc in Istanbul.