Norway wealth fund buys Turkish candy seller 7.7% share

ANKARA

Norway's state pension fund has purchased Turkish confectionery producer Kervan Gida's 7.7% shares worth 4 million Turkish liras ($509,113), according to a statement made by Oyak Yatirim on Public Disclosure Platform (KAP) on Tuesday.

The company's public offering on Nov. 26-27 received high demand from investors and one-third of the shares were allocated to domestic individual investors.

Also known as Norway’s oil fund, the world's largest sovereign wealth fund, bought shares in six Turkish energy companies with investments totaling around $117 million up to the end of 2019, according to official figures from Norway’s Norges Bank Investment Management.

The Nordic country’s fund also invested in a variety of sectors in Turkey, including the automotive industry, communication services, glass and chemicals production, furniture and food and drinks companies.