| Project Detail |
Location:
Turkey
Project number:
53501
Business sector:
Telecommunications, Media and Technology
Notice type:
Private
Environmental category:
C
Approval date:
25 Mar 2022
Status:
Disbursing
PSD disclosed:
08 Sep 2022
The transaction is a primary direct equity investment of EUR 9.8m into the share capital of Turk Elektronik Para A.S. ("Param"). Other investors include CCL Investments SaRL ("CEECAT Capital"), a private equity fund focused on Emerging Europe, Alpha Associates and Revo Capital, with total financing amount of EUR 27.2m.
The investment is part of total equity investment by EBRD of EUR 13.7m, into Param Group, including Param and Turk Finansman A.S. ("Kredim"). Total amount raised by Param Group is EUR 38m.
Project Objectives
The investment will enable Param to support future growth, develop technology, marketing and HR.
Transition Impact
ETI score: 67
Competitive: Investing in expansion of Param Group will support a number of operational changes and the launch of new products. Param Group aims at providing digital and open banking services in the near future, leading to competitiveness improvements.
Well-Governed: Substantial improvement in financial management in the context of equity co-investment alongside a private equity fund, including hiring of the CFO and other key financial positions, audit by Big 4 firm. Improvement in corporate governance will be implemented, including adding an independent board member, adding board observer for each new investor, new Corporate Governance Committee. |
