OYAK and TCC Sign $740 Million Cooperation Agreement

OYAK and Taiwan Cement Corporation, one of Far East's largest cement producers, sign USD 740 million cooperation agreement. According to the company statement, an agreement was signed regarding the sale of OYAK Denizli Çimento shares, in which OYAK is the controlling shareholder of Cimpor Portugal Holdings and OYAK Çimento Fabrikaları AŞ. With the signing of the agreement by both parties, the approval process required from relevant legal authorities for the transaction to take place has commenced. The agreement will provide Turkey with USD 740 million in cash inflow. Meanwhile, in a disclosure made by OYAK Çimento Fabrikaları AŞ on the Public Disclosure Platform, it was announced that the process to obtain permits from official institutions and organizations has started following the signing, and information regarding the share purchase process will be disclosed to the public after the completion of permit procedures. Source