Kansai Paint to Acquire 50% Stake in Polisan Boya

Kansai Paint Acquires 50% Stake in Polisan Boya

Polisan Holding is entering into a significant business partnership with Kansai Paint. The following information was provided in a disclosure to the Capital Markets Board: In our special situation disclosure to the public dated 25 May 2016, we announced that Polisan Holding had initiated discussions with Kansai Paint Co. Ltd. ("Kansai Paint"), one of the world's top 10 and Japan's leading paint manufacturers, regarding the sale of a 50% stake in Polisan Boya Sanayi ve Ticaret A.Ş. ("Polisan Boya"), a 100% subsidiary of Polisan Holding. Today, a Share Purchase Agreement has been signed between Polisan Boya and Kansai Paint. The share transfer is expected to be completed in December 2016 following approval from the Competition Board. Polisan Holding Chief Executive Officer Erol Mizrahi said in a statement: "As Polisan Holding, we continuously evaluate acquisition and partnership opportunities with the goal of growth in new countries and business lines. In this context, we are excited about the opportunities that this partnership, which brings together two strong brands, will create for both companies. At our new facility to be completed by the end of 2017, we will continue to offer unprecedented products and services worldwide by leveraging Polisan Boya's technical expertise in the decorative paint sector and Kansai Paint's strength in global markets. While continuing to provide innovative products and services to our customers from an operational standpoint, we will also increase our financial profitability with a stronger capital structure. With this partnership, we are pleased to have taken an important step in our long-term growth strategy for Polisan Boya and to have come a long way," he said.