The asset sale of Çimsa to Fernas Group of Companies has been realized. The procedures for the transfer of Çimsa’s Kayseri and Niğde Plants and Ankara Grinding Plant to Fernas Group was completed following the asset sale resolution approved by the Competition Authority last week.
The contract for the sale of Niğde Integrated Cement Plant, Kayseri Integrated Cement Plant and Ankara Cement Grinding Plant for a total amount of EUR 110 million was signed on June 15, 2022. Çimsa will realize a pre-tax profit of approximately TL 1.7 billion through the sale of its assets which have a 3% share in assets and 9% share in incomes in the financial statements of Çimsa.
Commenting on the completion of the transfer, Umut Zenar, CEO of Çimsa said, “We are going on to take steps to ensure that Çimsa focuses on high value-added and sustainable fields of business. We have made a very important contribution to our future vision with the strategic steps we have taken and the recent sale. We are continuing to create value for all of our stakeholders as a result of the meticulous efforts we have undertaken. We will focus on more value-added and sustainable areas with the income we have realized from the asset sale. We will use the funds generated from the sale transaction to realize our previously announced investments, to make use of potential strategic growth opportunities, to finance our sustainability investments and to reduce our indebtedness.”
Umut Zenar stated that they will go on leading the sector and taking the steps that contribute to people, the environment and our country in the future as a global player in the sector.