Palmali gets shipyard in Turkey

Palmali Group of Companies in cooperation with Fiba Holding Company acquired a shipyard in Turkish province of Izmit, Hurriyet newspaper reported on Tuesday.

According to publication, share in the acquisition of the shipyard is distributed between Palmali Group and Fiba Holding equally. The shipyard acquired for 50 million euros will be renamed to Armada Teranesi.

After acquisition of the shipyard Palmali Company has already ordered to construct there 3 ships with a total cost of 50 million euros. It is expected, that in the coming months the shipyard will receive orders to build ships with total value of $ 500 million.

Adapted from TODAY.AZ