IC Holding is reportedly in talks with Malaysia Airports Holdings Berhad (MAHB) to become a partner in the Istanbul Sabiha Gökçen Airport. This potential collaboration, as reported by Bloomberg, is still in its early stages and has not yet resulted in a formal agreement.
The discussions between IC Holding and MAHB, the current sole shareholder of the airport’s operating company, signal a strategic move in the management and expansion of one of Turkey’s busiest airports. Istanbul Sabiha Gökçen Airport, ranking third in Turkey in terms of passenger numbers, recently celebrated the opening of its long-awaited second runway. This development is expected to double the airport’s capacity, enhancing its role as a major hub in the region.
IC Holding, chaired by İmrahim Çeçen, has a history of significant investments in Turkey’s airport sector. In 2018, the company sold its 49% stake in Antalya Airport‘s operating company to TAV Airports Holding for 360 million Euros. Additionally, IC Holding operates Zafer Airport in Kütahya, further demonstrating its expertise in airport management.
The partnership talks come at a time when Istanbul Sabiha Gökçen Airport is experiencing substantial growth. The airport served 34 million passengers from January to November, marking a 21% increase compared to the previous year. The new second runway, inaugurated by President Recep Tayyip Erdoğan, is set to increase the airport’s capacity to over 85 million passengers, positioning it as one of Europe’s fastest-growing airports.
MAHB acquired full control of the airport’s operations by purchasing shares from the Indian GMR Group in April 2014 and from Limak Yatırım in December 2014. The airport was initially acquired by a consortium for 1.9 billion Euros in 2008 for a 20-year operating right.
The appointment of Serhat Soğukpınar as the CEO of Istanbul Sabiha Gökçen International Airport (ISG) is seen as the beginning of the strategic partnership between MAHB and IC Holding. Soğukpınar, who previously held the position of President of Transportation and Infrastructure at IC Holding, brings extensive management experience to his new role.
Murad Bayar, CEO of IC Holding, emphasized that Soğukpınar’s appointment represents a strategic step in sharing expertise and developing potential collaborations between the two groups. Mohamed Rastam Shahrom, Acting CEO of MAHB Group, also expressed optimism about the partnership, anticipating mutual benefits and closer alignment towards shared goals.
The collaboration between IC Holding and MAHB is expected to bring a new dynamic to the management and growth of Istanbul Sabiha Gökçen Airport. With its increased capacity and strategic location, the airport is poised to play a pivotal role in Turkey’s aviation sector and the broader region.
