Following approval by the Capital Markets Board (CMB), shareholders also approved the merger of all operations under a single entity by Şişecam Group, a global player in all core areas of the glass industry and in the field of chemicals comprising soda and chromium compounds.
The Group opted for simplification of its legal entity and shareholding structure. On January 30, 2020 were initiated the procedures to consolidate 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 Şişecam umbrella. The official application was made to the CMB on April 27, 2020, and the regulatory authority’s approval was received on July 23, 2020.
Extraordinary General Assembly meetings were held on August 26-28, 2020 with the specific agenda of the merger following the CMB’s approval. Shareholders approved the merger 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. by taking over by Türkiye Şişe ve Cam Fabrikaları A.Ş. as a whole with all their assets and liabilities. Following the approval decisions taken at the General Assembly meetings, the merger process is expected to be completed by the end of September, pursuant to relevant legal and regulatory provisions.
When the merger transaction is completed, Şişecam will be our only company to be publicly traded on BIST. As a result, our free float ratio and trading depth will increase. With the market value of publicly traded shares exceeding 1 billion USD, a single Şişecam stock that is more attractive to investors will be traded on BIST. Şişecam will be included in major indices in the coming period, including the MSCI Index. Şişecam will become more of a focus for international funds and investors.
“Thanks to the merger, we aim to reap cost advantages by centralizing our main functions, such as supply chain, production, sales and marketing. In addition, Şişecam will create synergy between its business lines and make its decision-making processes more effective. Ultimately, we will demonstrate a higher share performance for investors by boosting our revenues and profitability,” said Ahmet Kırman, CEO of Şişecam Group.