Sisecam is planning a series of share sales by its publicly traded companies: Trakya Cam, Anadolu Cam, Soda Sanayii and Denizli Cam, as well as working on a stock market flotation of its glass tableware unit Pasabahce.
Turkey’s leading glassmaker Sisecam is planning a series of share sales by its publicly traded companies: Trakya Cam, Anadolu Cam, Soda Sanayii and Denizli Cam, hoping to attract new long-term investors.
Sisecam is also continuing to work on a stock market flotation of its glass tableware unit Pasabahce, as well as seeking investment opportunities in soda ash outside Turkey, investment plans in the North American household glassware market and in glass packaging in Kazakhstan.
The company owns various businesses in Eastern Europe, Russia, the Caucasus and Egypt, although half of its revenue is derived from the Turkish market.
The company’s Trakya Cam unit in October bought 44% of India’s HNG Float Glass Ltd., majority owned by Hindusthan National Glass and 12% owned by International Finance Corp.
Sisecam made its debut eurobond issue in May with a USD 500 million seven-year bond, taking advantage of scarce Turkish corporate supply, but Kirman said the company had no further borrowing plans.
Sisecam is 65.5% owned by lender Isbank and a 26.3% stake is listed on the Istanbul bourse.
Last year, Sisecam had consolidated revenue of 5.34 billion lira (USD 2.9 billion) and net profit of 294.1 million.
Sisecam aims to raise glass production to 4 million tonnes in 2013 from 3.7 million last year and raise soda ash production to 2 million tonnes from 1.8 million in 2012.