Turkey: Cimsa acquires local cement producer

Sabanci group company Cimsa has acquired fellow Turkish producer Sancim Bilecik Cimento in a deal reportedly worth US$220.7m.

The company signed the contract allowing it to purchase 100 per cent of Sançim Bilecik’s shares, according to a statement released by the Public Disclosure Platform (KAP)

The transfer price of the shares, a nominal value of TRY87.5m has been set as US$220.7m, the statement said.

Sançim was previously owned by Sönmez Holding (43 per cent), Aunde Teknik (38 per cent), ENA Tekstil (10 per cent) and Umut Insaat (nine per cent).

Sabanci Holding, which also owns the cement firm Akçansa, earlier underlined its intentions of expansion through acquisitions, stating that it plans to spend between TRY1-1.5bn (US$467-700m) on investments.