Following approval by the Capital Markets Board (CMB), shareholders also approved the merger of all operations under a single umbrella by Şişecam Group, a global player in the glass industry and in the field of chemicals comprising soda and chromium compounds.
Şişecam aims to simplify the structure of its business by merging with its four publicly listed (BIST) subsidiaries (Trakya Cam, Anadolu Cam, Soda Sanayii and Denizli Cam) and Paşabahçe Cam into one single listed corporation. Official merger procedures were initiated on January 30, 2020. The official application was made to the CMB on April 27, 2020, and the regulatory authority’s approval was received on July 23, 2020. Following the CMB’s approval, the merger of the main subsidiaries by taking over by Şişecam was approved at the Extraordinary General Assembly meetings held on August 26-28, 2020.
“The merger of all Group operations under one entity will bolster Şişecam’s competitive edge globally. We see Şişecam's merger as a historic milestone in line with our long-term strategies and competitive goals in global markets. The unanimous approval of the merger by our shareholders attending the General Assembly has further encouraged us to take this important step toward building Şişecam of the future. We would like to thank all our stakeholders – especially our shareholders who have provided unwavering support – as well as our employees, customers and business partners, for their valuable contributions to this process and for their trust and loyalty to Şişecam. As an exemplary company that creates sustainable value, Şişecam will more swiftly achieve its global objectives with the great strength derived from its stakeholders,” Prof. Ahmet Kırman, Şişecam Group Vice Chairman and CEO, said in his statement.
Procedures on consolidating the publicly listed (BIST) main subsidiaries of the Group – namely, Anadolu Cam, Denizli Cam, Soda Sanayii and Trakya Cam along with Paşabahçe Cam – under the Şişecam umbrella were initiated on January 30, 2020. The official application was made to the CMB on April 27, 2020, and the regulatory authority’s approval was received on July 23, 2020.
Extraordinary General Assembly meetings were held on August 26-28, 2020 with the specific agenda of the merger following the CMB’s approval. Shareholders approved the merger of Anadolu Cam Sanayii A.Ş., Denizli Cam Sanayii ve Ticaret A.Ş., Paşabahçe Cam Sanayii ve Ticaret A.Ş., Soda Sanayii A.Ş. and Trakya Cam Sanayii A.Ş. by taking over by Türkiye Şişe ve Cam Fabrikaları A.Ş. as a whole with all their assets and liabilities. Following the approval decisions taken at the General Assembly meetings, the merger process is expected to be completed by the end of September pursuant to relevant legal and regulatory provisions.
“Şişecam Group operates internationally, with production activities across 14 countries on four continents, and sales in over 150 countries. At the beginning of this year, we set out to consolidate all Şişecam Group operations under a single entity in order to enhance the maturity of our global organization. The unanimous approval of the merger, which will bolster Şişecam's competitive edge globally, by our shareholders attending the General Assembly has further encouraged us to take this important step toward building Şişecam of the future. We would like to thank all our stakeholders – especially our shareholders who have provided unwavering support – as well as our employees, customers and business partners, for their valuable contributions to this process and for their trust and loyalty to Şişecam. As an exemplary company that creates sustainable value, Şişecam will more swiftly achieve its global objectives with the great strength derived from its stakeholders,” Prof. Ahmet Kırman, Şişecam Group Vice Chairman and CEO, said in his statement.
"A historic milestone in line with our competitive goals in global markets"
Kırman stated that Şişecam's merger is a historic milestone in line with the Group’s long-term strategies and competitive goals in global markets: “The Şişecam merger enables more effective management of a geography spanning four continents across different business lines. The merger will bring about an agile, swift and lean global structuring. It will further strengthen Şişecam’s perception and position in global capital markets, while contributing greatly to our competitive edge and the economic value we create as a company.”
“Şişecam is taking firm steps to achieve its ambitious global goals in its 85th year. We will complete the merger as planned with the strength we derive from Şişecam's long-standing past. In the coming period, in line with our growth strategy of creating sustainable value, Şişecam will take strategic steps to boost its efficiency in its main business lines. In addition, we will capitalize on investment opportunities in new business areas that we believe to be promising. As a player in the global arena, Şişecam will continue to create value for all its stakeholders,” Kırman said in the statement.