EMP Global LLC ("EMP") announced the completion of the IPO of TAV Hava Limanlari Isletme A.S., the holding company for Turkey's leading airport development, management and operating group ("TAV Airport Group"). The operator of Turkey's main international airports raised $320m in an initial public offering on February 19th following the pricing of the transaction at YTL10 a share, close to the top of a range of YTL8.55 to YTL10.30. The IPO, of 18.4 per cent of the company, was a mix of new shares and a tranche sold by Tepe Construction and Akfen Construction, its two biggest shareholders.

The Islamic Development Bank Infrastructure Fund the ("Fund") managed by EMP Bahrain has invested US$73 million in TAV Airports Group.

TAV Airports Group is the largest and the only fully-integrated airport- operating and aviation services group in Turkey. The Group was established in 1997 by a consortium led by two leading Turkish construction groups: Tepe Construction and Akfen Construction, after it was awarded the BOT (Build, Operate and Transfer) contract for the New Istanbul Ataturk Airport International Terminal Complex.

 TAV Airports Group manages and operates the following airports under long- term BOT contracts: Istanbul's Ataturk Airport, Ankara's Esenboga Airport, and Izmir's Adnan Menderes Airport in Turkey; and Tblisi and Batumi Airports in the Georgian Republic. The Group also includes Havas AS, a leading ground handling services company; ATU, Turkey's largest duty free operator; BTA, a food and beverage company; an aviation security arm; an airport operations and maintenance company; and an IT services provider specializing in airport applications. TAV Airports is actively bidding for airport concessions and pursuing related business opportunities, both within Turkey and overseas.