(Bloomberg) -- Turkey’s sovereign wealth fund aims to integrate steelmaker Kardemir with its mining operations, an official familiar with the fund’s thinking said.

Turkiye Varlik Fonu, or TVF, headed by President Recep Tayyip Erdogan, completed the acquisition of a minority stake in Kardemir, the company said on Wednesday. The Fund purchased about 50.3 million Class A shares for the equivalent of $35.2 million. With the purchase, TVF gains the right to appoint four people to Kardemir’s 11-member board.

Kardemir Jumps After Turkey Wealth Fund Unveils Investment Plan

TVF owns mining companies Turkiye Maden Sanayi ve Ticaret AS and Eti Maden Isletmeleri Genel Mudurlugu, according to its website. It aims to integrate Kardemir operations with iron ore reserves in Sivas province, the official told Bloomberg, speaking on condition of customary anonymity. TVF declined to comment.

Kardemir makes rebar steel for the construction industry and rail equipment at its 2.6 million ton-a-year plant in northern Turkey. Its class D shares, the most commonly traded, fell 3.3% as of 12:17 p.m. in Istanbul, paring this year’s advance to 86%.

--With assistance from Ercan Ersoy.

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