Turkish sodium sulphate producer Soda Sanayi A.S., the raw material producing arm of glass giant SiseCam, will sell shares representing 15% of its capital in a two-day offer beginning recently, the co…
Turkish sodium sulphate producer Soda Sanayi A.S., the raw material producing arm of glass giant SiseCam, will sell shares representing 15% of its capital in a two-day offer beginning recently, the company said. The share price will be 7,200 lira per 1000-lira nominal valued share. Of the total offer worth TL 3.161 trillion (US$ 5.35 million) in nominal value, 60% will be allocated to domestic individual investors, 10% to domestic institutional investors and another 10% to institutional investors based abroad. The employees of Soda Sanayi“s major shareholders, Turk Sise ve Cam Fabrikalari (SiseCam) with a 61% stake and Turkiye Is Bankasi with 37.38%, will have a 20% stake set aside for them. Soda Sanayi will sell TL 2.107 trillion worth new shares, as part of a capital increase from TL 18.96 trillion to 21.067 trillion. SiseCam will sell outstanding shares in Soda totalling TL 1.054 trillion in nominal value. Soda will use its share of the proceedings from the offer to finance expansion plans that include boosting production capacity by 30,000 tonnes, raising its stake in its Bulgarian factory by 10%, and further investment abroad, said Turk Sise ve Cam Fabrikalari general manager Adnan Caglayan. SiseCam, Turkey“s main glass and glassware producer, established Soda Sanayi in 1969 to provide key materials for its products. It later merged with a major chrome processing factory that uses them. A consortium of 21 brokerages led by Is Yatirim and co-led by TSKB Securities will manage the offer. According to advertisements, Soda Sanayii recorded net sales of TL 62.14 trillion and net profits of TL 2.78 trillion in 1999, up from sales of TL 37.01 trillion and profits of TL 2.07 trillion in 1998.