Italcementi exits Turkish cement market

Ciments Français (part of the Italcementi Group) and its wholly-owned subsidiary Parcib, have signed a deal with Cimsa for the sale of 51 per cent of the capital of Afyon for TRY1,530,000. The overall value of the sale has been fixed at TRY57,530,000, a memo explains.

Transfer of the shares to Cimsa and the payment for them will take place when the deal is completed, once the necessary authorisation has been obtained from the monopoly watchdog.

The final price could then be subject to the usual contractual conditions.

With the closing of this deal, and following the 2011 divestment of Set Group, Italcementi no longer has a presence on the Turkish cement market.