Palmali and Fiba Holding buy Turkish shipyard in Izmit

The Palmali Group and Fiba Holding have purchased 50% of shares each of the shipyard in the Izmit Province of Turkey for €50 million, Trend reports.

The shipyard will be renamed to Armada Tersanesi. Three ships worth €50 million have been purchased. The facility is expected to receive orders for construction of ships worth €500 million.