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Sabanci’s industry group consists of tyre maker Brisa, textile maker Kordsa and cement makers Akcansa and Cimsa.
Sabanci Holding has controlling interests in 10 companies that are also listed on the Istanbul stock exchange.
Sabanci Group companies operate in 16 countries and market their products in regions across Europe, the Middle East, Asia, North Africa, North and South America.
Sabanci Holding’s multinational business partners include Ageas, Aviva, Bridgestone, Carrefour, E.ON, Heidelberg Cement, Marubeni and Philip Morris.
The Sabanci family has a 53.9% stake in Sabanci Holding and other Sabanci companies have another 3.3% while the remaining 42.8% is on free-float.
● Sisecam
Glass maker Sisecam has decided to buy back most of the 15.45% stake in subsidiary Pasabahce held by the European Bank for Reconstruction and Development (EBRD). Sisecam sold the stake to the development bank back in 2014 for a consideration of €125mn.
In a filing with Borsa Istanbul on November 11, the glass maker said it would buy shares amounting to 14.85% of Pasabahce from the EBRD for €152.6mn.
To finance the transaction Sısecam will use a €100mn loan from the EBRD.
The cost of the loan, with a two-year grace period, will be Euribor+2.4%, Sisecam added.
108 TURKEY Country Report December 2019 www.intellinews.com
