Turkey’s Sisecam Plans Unit Share Sales to Broaden Investors

  • CEO Kirman looking to attract more international investors
  • Shares of listed subsidiaries gain in Istanbul trading

Turkiye Sise ve Cam Fabrikalari AS, Turkey’s biggest glassmaker, is planning to increase trading in two of its listed units by offering more shares to international investors.

Sisecam will sell additional shares in flat glassmaker Anadolu Cam Sanayii AS and automobile glassmaker Trakya Cam Sanayii AS, Chief Executive Officer Ahmet Kirman said at a news conference in Istanbul on Tuesday. He declined to comment on the timing of the transactions.

The company will also revive plans to have an initial public offering at its glass-appliances maker, Pasabahce, when “global investment appetite is favorable,” Kirman said.

“We want to have at least half of the free float in Anadolu Cam and Trakya Cam to be international investors,” Kirman said. He referred to the $100 million share sale at another unit, Soda Sanayii AS, in March. Soda’s free float attracted 44 international institutional investors including Franklin Templeton Investment.

Sisecam shares rose as much as 5.8 percent to 3.65 liras in Istanbul, the most since Dec. 16. Trakya Cam gained as much as 2.7 percent to 2.28 liras and Anadolu Cam added 2.5 percent to 2.09 liras.

Sisecam, owned by Turkey’s largest listed lender by assets Turkiye Is Bankasi AS, doesn’t plan any change to its end-year financial guidance after the U.K. voted to exit the European Union, Kirman said. “However, after Brexit, if we have another exit from the European Union, we may have to revise our targets,” he said. The company aims to have more than 8 billion liras of sales this year after 7.4 billion last year and keep the earnings before interest, taxes, depreciation and amortization margin at 21 percent, adjusted for one-off items and unchanged from last year, he said.

Sisecam’s newly-established glass-recycling unit Sisecam Cevre Sistemleri AS borrowed 40 million euros from European Bank for Reconstruction and Development, which also bought 10 percent of the unit for 2 million euros, Kirman said.

The company aims to increase glass recycling to 45 percent of total raw material supplies in five years from 19 percent, he said.

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