Sabancı Holding has disclosed a significant development regarding its shareholding in its subsidiary Akçansa Çimento Sanayi ve Ticaret A.Ş. to the public. Accordingly, Sabancı Holding has received a binding offer from an unrelated third party for the acquisition of its shares representing 39.72% of Akçansa’s share capital, corresponding to a nominal value of TRY 76,035,136.
In its statement, the company noted that the offer was submitted based on a total company valuation of USD 1.1 billion, subject to debt and cash adjustments. It was also stated that the offer will remain valid until the execution of the final share transfer agreement.
Sabancı Holding indicated that the binding offer will be evaluated within the framework of the company’s contractual obligations and applicable legal requirements. The statement further explained that information regarding this process had previously been postponed in accordance with the Capital Markets Board’s Communiqué on Material Events, in order to protect the legitimate interests of the company, Akçansa, and its shareholders. With the reasons for postponement no longer applicable, the disclosure has now been made public.
It was also announced that any material developments that become definitive in relation to the transaction will be disclosed to the public in due course.
Source: kap.org.tr/tr/Bildirim/1547498
