Prof. Ahmet Kırman, Şişecam Group Vice Chairman and CEO.
Following approval by the Capital Markets Board (CMB), shareholders also approved the merger of all operations under a single umbrella by Şişecam Group, a global player in the glass industry and in the field of chemicals comprising soda and chromium compounds.
Şişecam aims to simplify the structure of its business by merging with its four publicly listed (BIST) subsidiaries (Trakya Cam, Anadolu Cam, Soda Sanayii and Denizli Cam) and Paşabahçe Cam into one single listed corporation. Official merger procedures were initiated on January 30, 2020. The official application was made to the CMB on April 27, 2020, and the regulatory authority’s approval was received on July 23, 2020. Following the CMB’s approval, the merger of the main subsidiaries by taking over by Şişecam was approved at the Extraordinary General Assembly meetings held on August 26-28, 2020.
The merger of all Group operations under one entity will bolster Şişecam’s competitive edge globally. We see Şişecam's merger as a historic milestone in line with our long-term strategies and competitive goals in global markets. The unanimous approval of the merger by our shareholders attending today’s General Assembly has further encouraged us to take this important step toward building Şişecam of the future. We would like to thank all our stakeholders – especially our shareholders who have provided unwavering support – as well as our employees, customers and business partners, for their valuable contributions to this process and for their trust and loyalty to Şişecam. As an exemplary company that creates sustainable value, Şişecam will more swiftly achieve its global objectives with the great strength derived from its stakeholders – Prof. Ahmet Kırman, Şişecam Group Vice Chairman and CEO, said in his statement.
When the merger transaction is completed, Şişecam will be our only company to be publicly traded on BIST. As a result, our free float ratio and trading depth will increase. With the market value of publicly traded shares exceeding USD 1 billion, a single Şişecam stock that is more attractive to investors will be traded on BIST. Şişecam will be included in major indices in the coming period, including the MSCI Index. Şişecam will become more of a focus for international funds and investors. Thanks to the merger, we aim to reap cost advantages by centralizing our main functions, such as supply chain, production, sales and marketing. In addition, Şişecam will create synergy between its business lines and make its decision-making processes more effective. Ultimately, we will demonstrate a higher share performance for investors by boosting our revenues and profitability – Kırman noted.
Kırman stated that Şişecam's merger is a historic milestone in line with the Group’s long-term strategies and competitive goals in global markets: The Şişecam merger enables more effective management of a geography spanning four continents across different business lines. The merger will bring about an agile, swift and lean global structuring. It will further strengthen Şişecam’s perception and position in global capital markets, while contributing greatly to our competitive edge and the economic value we create as a company.
Şişecam is taking firm steps to achieve its ambitious global goals in its 85th year. We will complete the merger as planned with the strength we derive from Şişecam's long-standing past. In the coming period, in line with our growth strategy of creating sustainable value, Şişecam will take strategic steps to boost its efficiency in its main business lines. In addition, we will capitalize on investment opportunities in new business areas that we believe to be promising. As a player in the global arena, Şişecam will continue to create value for all its stakeholders – Kırman said in the statement.