Şişecam gets approval from CMB to unite all operations under a single umbrella

Şişecam Group gets approval from CMB to unite all operations under a single umbrella
Photo source
www.sisecam.com.tr

Date: 24 July 2020

Şişecam Group received approval from the Capital Markets Board for its plan to simplify in its legal entity and shareholding structure.

Şişecam Group, a global player in the glass industry and in the field of chemicals comprising soda and chromium compounds, received approval from the Capital Markets Board (CMB) for its plan to unite all operations under a single umbrella.

Şişecam Şişecam officially applied to the CMB on April 27, 2020 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. Following approval by the CMB on July 23, 2020, a decision on the merger transaction is expected to be made during the Extraordinary General Assembly meetings of Şişecam and its subsidiaries, between August 26 and 28, 2020, with the agenda focusing specifically on the merger transaction.

“Through this merger, we aim to be more agile and swift; build a more suitable legal and administrative infrastructure in terms of global competition; and show a higher share performance for investors. Companies that have the necessary infrastructure to comply with the changing conjuncture in the new world order in the post-pandemic era will have the upper hand. Our merger is a vital move in this respect. We shall take further strategic steps that will enhance our effectiveness in our main business lines, while also pursuing investment opportunities in promising new  businesses, in order to achieve our ambitious global targets in the ‘new normal’ era,” Prof. Ahmet Kırman, Şişecam Group Vice Chairman and CEO, said in his statement.

Prof. Ahmet Kırman

Şişecam Group, a global player in the glass industry as well as business lines including soda and chromium compounds, received approval from the Capital Markets Board (CMB) for its plan to simplify in its legal entity and shareholding structure. 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 umbrella of Şişecam were initiated on January 30, 2020, and the official application was made to the CMB on April 27, 2020.

Accordingly, following approval by the CMB on July 23, 2020 for the merger of Türkiye Şişe ve Cam Fabrikaları A.Ş. through the acquisition 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., a decision on the merger transaction will be made during the Extraordinary General Assembly meetings of Şişecam and its subsidiaries between August 26 and 28, 2020, 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.

“Şişecam Group operates internationally, with production activities across 14 countries on four continents, and sales in over 150 countries. Driven by our Group's 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 organization. The legal process related to the merger transaction that will further strengthen Şişecam in global competition continues as expected. We will hold our General Assembly meetings related to the merger, in the scope of our approved CMB application. When the merger transaction is completed, Şişecam shall be our only company to be publicly traded on BIST,” Prof. Ahmet Kırman, Şişecam Group Vice Chairman and CEO, said in his statement.

 

"Agile companies will have the upper hand in the new world order"

“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, Şişecam 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,” Kırman noted.

“Companies that have the necessary infrastructure to comply with the changing conjuncture in the new world order in the post-pandemic era will have the upper hand. Our merger is a vital move in this respect. We shall take further strategic steps that will enhance our effectiveness in our main business lines, while also pursuing investment opportunities in promising new businesses, in order to achieve our ambitious global targets in the ‘new normal’ era. As a global player, Şişecam will continue to create value for all our stakeholders,” Kırman said in the statement.

600450 Şişecam gets approval from CMB to unite all operations under a single umbrella glassonweb.com

Others also read

Vitro Architectural Glass (formerly PPG Glass) announced that Daniel Plotnick has been appointed as commercial account manager for the New England/Metro New York City region in the U.S. as well as all of Europe.
Largest Glass and Fenestration Show in the Americas Unites Buyers and Sellers Online for the Entire Month of September.
Şişecam Group reports investments of TRY 625 million in the first six months of 2020
FGIA is pleased to announce it will participate as an association partner in GlassBuild Connect: The Glass & Fenestration Online Experience, taking place September 1-30 at GlassBuild.com.
Join the dialogue! Face Time 2020: Better Buildings through Better Skins
The annual Glazing Summit conference, due to take place in October, has been postponed until 2021 due to uncertainties around social distancing.

Add new comment

From industry

Is Kuleleri, Kule: 2, Kat: 22, 4. Levent
34330 Levent-Istanbul/İstanbul
Turkey

52 Corniche El-Nil, AL-SHARIFAIN Tower 10th Floor,
Maadi,
Cairo Governorate
11728
Egypt

Ctra. Estación Km. 15.8
44415 Rubielos de Mora Teruel
Spain

Ottergemsesteenweg 707-Zuid
9000 Ghent
Belgium

NEWS RELATED PRODUCTS