Approval to unite operations under a single umbrella
Sisecam Group has received approval from Turkey’s Capital Markets Board (CMB) for its plan to simplify its legal entity and shareholding structure.
Procedures were announced in April to consolidate the publicly listed main subsidiaries of the group, namely Anadolu Cam, Denizli Cam, Soda Sanayii and Trakya Cam along with Pasabahce Cam, under the umbrella of Sisecam.
Accordingly, a decision on the merger transaction will be made during the Extraordinary General Assembly meetings of Sisecam and its subsidiaries between 26 and 28 August, with the agenda focusing specifically on the merger transaction.
Subsequent to the General Assembly meetings, the merger process is expected to be completed during September in line with the provisions of the relevant legislation.
“Driven by our long-term strategies and competitive goals in the global markets, we set out at the beginning of this year to consolidate all our operations under a single company in order to enhance the maturity of our global organisation” explained Professor Ahmet Kirman, Sisecam Group Vice Chairman and CEO. “Uniting all operations under a single umbrella will boost the competitive edge and economic value created by the group. By completing this merger process through the strength derived from our 85 year history, Sisecam will find the opportunity to create synergy in many fields in line with its growth strategy creating sustainable value. As such, we aim to be more agile and swift; build a legal and administrative infrastructure that conforms to global competition; and perform even better for higher share performance to attract investors.”