Tekfen Holding AS
IST:TKFEN.E
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Tekfen Holding AS
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Ladies and gentlemen, welcome to Tekfen 2020 Second Quarter Results Conference Call. I now hand over to Mr. Çaglar Gülveren. Sir, please go ahead.
Thank you. Good afternoon, ladies and gentlemen. Welcome to Tekfen Holding's Results -- Second Quarter 2020 Results Call. We have top management with us and ready to answer any questions you might have. As usual, we start with the Q&A session now.
I hand over back to the operator.
[Operator Instructions] We have our first question.
My name is Koray. I have several questions about the construction side. In the company presentation, it is said that Tekfen bids for 50 projects per year and the average success rate for winning tenders is around 10%. Is it possible to compare the number of bids and amounts between 2019 and 2020? And also, do you have any realistic backlog targets for the year-end? This is the first question about construction.
The second one is when we compare the investments so far, we see that it is more than twice of 2019 and, especially this quarter, it is more than TRY 210 million [ Tek ] share. And at a time when backlog is decreasing and some of the projects are slowing down or being stopped, especially for construction sites, what are these investments for? Is it mainly for a specific project or general capital expenditure? This is my questions for construction side.
And there's also -- I have one question for investment -- sorry, 2 questions for investment side. The first one is, I want to get an information about the investments made by Tekfen Ventures company. For example, Pivot Bio and Latch companies is the result of our investments being made. What is the ownership percentage of Tekfen for these 2 companies?
And the second question is -- for investment is about SOCAR Polymer. The purchase of 10% of SOCAR Polymer has been completed, as you said in the report. Of course, this investment market price, about USD 1 billion. This means that the -- higher than the Tekfen market price now, is USD 800 million.
I have 2 questions for this. The first one is, does SOCAR Polymer have a dividend policy like Tekfen's dividend policy? Or did you negotiate this issue before acquisition? And the second one is about the Turkish share -- the Tekfen stocks. Do you plan or think to buy back an amount of shares because of weighted performance of Tekfen stocks? Now is the -- value is less than SOCAR Polymers? This is the second one.
Okay. This is a long list of questions, so we might skip. Just remind us with the question if that happens. Now I hand over to our Construction President.
Okay. Thank you for the questions. Let me try to reply. For the tenders, yes. Approximately, we are giving the 50 tenders per year proposals. But this year, it seems it will be more than the 50. And I do not know where you get the figure of the 10% of succeed of the tender. It could be based on the 2019.
This year, it might be a bit less because of the evaluation impact due to the COVID. And the backlog target was USD 2 billion. We are trying to achieve that target, but at least to keep the current level. Because clients' decisions are delayed, it affects the backlog.
And for the investment, it is not the real investment. It's the expansions of the projects. And they are the material and project material and such items were bought. So I think those are the questions that I may answer for the construction. And for the investment, I'm handing over to my colleagues. Thank you.
The second one is about the investments side for Tekfen Ventures and...
For the Tekfen investments, $50 million also commitment for that -- the company, actually. And now it is more than half of the investments are made already in the large B Series or A Series, some companies, which products developed already but with the growth potential. Most of the investments for single companies does not exceed normally $3 million. But for that, we made some exceptions [indiscernible] check the Investor page at tekfenventures.com for more detailed information. These are small...
Dear speaker, we're so sorry, we have some difficulties hearing you. Can you please move closer to the device? Thank you.
Okay. Maybe -- do you want me to start from the beginning? Or which part did you hear? Hello?
Actually, I had asked the percentage of the shares for Pivot Bio and the Latch.
If you remember, the specific -- for the specific companies you mentioned, I can check. These are less than 10% per investment. And total commitment for this investment company is -- Tekfen Holding is $50 million in total. A single investment, not going over $3 million, with some exceptions. Maybe for the second tranche, we might be involved. And you can -- for further details, you can check their website, tekfenventures.com, which companies we already invested in. But for the time being, $50 million total investments is the limit.
Okay. There is no sharing percentage? I think you don't know now.
It's -- I mean, I don't have...
Below 10%, but we don't know the minimum. For example, we can't say that it's between 5% and 10%, or between 3% or 5%, something like that.
Sure. Limits for the -- per investment, if it is $3 million or $2 million, and if the capital increase of the company is so high, then your share will be small, of course.
Okay. The other question about the SOCAR Polymer.
As far as our participation in SOCAR Polymer as the minority shareholder, we have 2 reasons to participate in such an investment. One is we would like to get the experience and the healthy exercise for our [ event ] -- future polypropylene or, in your sense, the petrochemical investments in Turkey. So to get acquaintance with the petrochemicals and the trading of petrochemicals -- production and trading of petrochemicals, this -- as far as we have been informed up to now, there is no dividend policy in the company.
However, since we have now completed the purchasing of 10% shares in the month of June, in the next Board meeting, we will be represented by -- with our Board members. And there, we would like to understand the procedure that they have and give our advisers in the sense of having a dividend policy or to have it case-by-case handled. Your second question was with regard to the -- whether the company is, I mean, considering buying back some of the shares. This is...
Yes. Because the -- less than SOCAR Polymer market volume. Now is -- the Tekfen Ventures is about USD 800 million now. And the SOCAR Polymer market volume is now USD 1 billion. And so I know the Tekfen is bigger than the SOCAR Polymer. So I am asking because of this. Do you plan our team to buy back an amount of shares because of the performance of Tekfen stocks?
Frankly speaking, it is not only because of Tekfen's shares performance, but because of the volatility of Turkish lira against dollar and against euro. But anyway, this is within the responsibility of our Board. And our Board will decide the appropriate time, as they've done in the past, whether to buy, how much to buy and when to buy. We will convey that -- our shareholders are asking this question, and we will inform them of your question.
[Operator Instructions] We have no further questions, dear speakers. Back to you for the conclusion.
So that concludes the call. Thank you for your participation, and have a nice day. Thank you.
Ladies and gentlemen, this concludes today's conference call. Thank you all for attending. You may now disconnect