Şişecam Brings All Its Operations Under One Roof

Glass industry player and global operator in chemicals covering soda and chromium compounds, Şişecam Group's application to the Capital Markets Board (CMB) to consolidate all activities under a single roof has been approved. Work on the merger whereby Türkiye Şişe ve Cam Fabrikaları A.Ş. will acquire its main subsidiaries Anadolu Cam Sanayii A.Ş., Denizli Cam Sanayii ve Ticaret A.Ş., Paşabahçe Cam Sanayii ve Ticaret A.Ş., Soda Sanayii A.Ş. and Trakya Cam Sanayii A.Ş. began on 30 January 2020, and a formal application was submitted to the CMB on 27 April 2020. Following the approval given by the CMB on 23 July 2020, the Extraordinary General Meetings of Şişecam and the aforementioned main subsidiaries are expected to convene on 26-28 August 2020 with a special agenda to make decisions regarding the merger. Şişecam Group Board Vice Chairman and Chief Executive Officer Prof. Dr. Ahmet Kırman, pointing out that the economic value created by the Group and its competitive strength will increase as a result of consolidating all business areas under a single company roof, stated: "With this merger, we aim to become more agile and faster, establish a legal and administrative infrastructure more suitable for global competition, and demonstrate even higher share performance for investors. In the new world order following the global pandemic, institutions with the necessary infrastructure to adapt to changing conditions will gain an advantage. Our merger move is of great importance in this regard. To enable Şişecam to reach its ambitious global targets in the new normal, we will pursue strategic steps that will increase our effectiveness in our core business areas, as well as investment opportunities in new business fields that we believe hold promise for the future," he said.

Şişecam Group, a global player in all core areas of glass as well as business segments covering soda and chromium compounds, has had its application to the Capital Markets Board (CMB) approved to consolidate all activities under a single roof.

By simplifying Group legal entity and shareholding structure, work on consolidating Paşabahçe Glass under Şişecam alongside its main subsidiaries Anadolu Glass, Denizli Glass, Soda Industry and Trakya Glass that trade on Borsa Istanbul began on 30 January 2020, and a formal application was submitted to the CMB on 27 April 2020. In this scope, following the approval granted by the CMB on 23 July 2020 for the merger of Türkiye Şişe ve Cam Fabrikaları A.Ş. with Anadolu Cam Sanayii A.Ş., Denizli Cam Sanayii ve Ticaret A.Ş., Paşabahçe Cam Sanayii ve Ticaret A.Ş., Soda Sanayii A.Ş. and Trakya Cam Sanayii A.Ş., the Extraordinary General Meetings of Şişecam and the aforementioned main subsidiaries will convene on 26-28 August 2020 with a special agenda to make decisions regarding the merger. Following the General Meetings, the merger process is expected to be completed within September in accordance with applicable legal provisions. Şişecam Group Board Vice Chairman and Chief Executive Officer Prof. Dr. Ahmet Kırman, in a statement regarding the matter, drew attention to the Group's production activities spanning 14 countries across four continents and sales to more than 150 countries on an international scale, saying: "In line with our Group's long-term strategies and competitive targets in global markets, we started this year with the objective of consolidating all our activities under a single company roof to increase the maturity of our global structure. The legal process concerning the merger, which will strengthen Şişecam's competitive position globally, is progressing as expected. Within the scope of our approved CMB application, we will hold General Meetings regarding the merger. Once the merger is completed, Şişecam will be our sole company trading on Borsa Istanbul," he said.

"Agile and fast institutions will gain advantage in the new world order"

Kırman, emphasizing that the economic value created by Şişecam and its competitive strength will increase with the merger of all the Group's business areas under a single company roof, stated: "Şişecam, drawing strength from its 85-year-old established history, will complete the merger process and gain opportunities to create synergies in many areas in line with its sustainable value-creating growth strategy. Thus we aim to become more agile and faster, establish a legal and administrative infrastructure more suitable for global competition, and demonstrate even higher share performance for investors," he said. Noting that institutions with the necessary infrastructure to adapt to changing conditions in the new world order following the global pandemic will gain an advantage, Kırman said: "Our merger move is of great importance in this regard. To enable Şişecam to reach its ambitious global targets in the new normal, we will pursue strategic steps that will increase our effectiveness in our core business areas, as well as investment opportunities in new business fields that we believe hold promise for the future. As Şişecam, we will continue to take justified pride in being a global brand representing our country on the world stage and creating value for all our stakeholders," he stated.