Şişecam to Merge Its Companies

Şişecam to consolidate operations under single holding structure

In line with Şişecam's consolidation of operations and investor preferences for shares with higher trading volume and depth, Şişe Cam, Anadolu Cam, Denizli Cam, Paşabahçe, Soda and Trakya Cam have decided to begin merger negotiations. In notifications submitted to the Capital Markets Board, the following was stated: In the Board of Directors meeting held on 30 January 2020, in line with the long-term strategies of our Group and our competitive objectives in global markets, the potential synergies arising from consolidation were evaluated to enhance efficiency, effectiveness, simplicity and agility. For the purpose of consolidating Şişecam's operations under a single holding structure and ensuring positive contribution to our company's market value through investors' preference for shares with higher trading volume and depth, and within the framework of the Capital Markets Law No. 6362, the Capital Markets Board's Joint Principles Regarding Significant Transactions Series:II, No. 23.1 and Right of Withdrawal Announcement, the Capital Markets Board's Merger and Demerger Announcement Series: II, No. 23.2, the Turkish Commercial Code No. 6102, the Corporate Income Tax Law No. 5520, and other applicable legislation, it has been decided to commence merger negotiations whereby our Company, together with Denizli Cam Sanayii ve Ticaret A.Ş., Paşabahçe Cam Sanayii ve Ticaret A.Ş., Soda Sanayii A.Ş. and Trakya Cam Sanayii A.Ş., will be transferred to Türkiye Şişe ve Cam Fabrikaları A.Ş.   Source