It has been announced by company chairman Unal Korukcu that Turkiye Sise Cam Fabrikalari A.S. (Sisecam), Turkey“s largest glass and glassware producer, plans US$ 467 million worth of investments in 1…
It has been announced by company chairman Unal Korukcu that Turkiye Sise Cam Fabrikalari A.S. (Sisecam), Turkey“s largest glass and glassware producer, plans US$ 467 million worth of investments in 1996. “We started our big investment drive in 1995, having already spent US$ 225 million, after competition became tougher with Turkey“s entry into the customs union with the European Union,” he told the company“s annual shareholders“ meeting. He said Sisecam, which holds at least 55% stakes in seven production and marketing firms, targeted to increase its annual production level to 1.5 million tonnes by the year 2000, having already surpassed 1 million tonnes for the first time in 1995. “I consider the Sisecam group one of the world“s prominent glass producers, with its TL 100 trillion gross turnover, US$ 385 million worth of exports and TL 11.8 trillion year-end profits in 1995,” Korukcu said. Sisecam, owned 74.91% by one of Turkey“s leading commercial banks, Turkiye Is Bankas, also has at least 45% stakes in 22 production, packaging, marketing and finance firms. The company announced at the meeting that it would raise its capital to TL 5.59 trillion from the existing TL 2.3 trillion by the issuing of a 1.4347 bonus share for one existing share. It will retain all the TL 1.15 trillion of planned dividends and finance the remaining bonuses from re-valued funds. Sisecam tripled its net 1995 profits to TL 1.31 trillion.