Şişecam Group received approval from the Capital Markets Board of Turkey for its plan to simplify in its legal entity and shareholding structure. Procedures on consolidating the publicly listed main subsidiaries of the Group―Anadolu Cam, Denizli Cam, Soda Sanayii and Trakya Cam along with Paşabahçe Cam―under the umbrella of Şişecam, were initiated on Jan. 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 Aug. 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,” says Prof. Ahmet Kırman, Şişecam Group vice chairman and CEO, in his statement.
"Agile companies will have the upper hand in the new world order,” he says. “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.
“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.”
