Turkish sodium sulphate producer Soda Sanayi announced its recent share offering raised US$ 38.2 million and was 4.4 times oversubscribed.
The company offered shares representing 15% of its capital w…
Turkish sodium sulphate producer Soda Sanayi announced its recent share offering raised US$ 38.2 million and was 4.4 times oversubscribed. The company offered shares representing 15% of its capital with a nominal value of TL 3.16 trillion (US$ 5.35 million) last week as part of a capital increase from TL 18.96 trillion to TL 21.067 trillion. The shares were priced at 7,200 per 1000-lira nominal valued share. Soda, which is the raw materials-producing arm of Turkish glass giant SiseCam, plans to use proceeds from the offering to boost production capacity by 30,000 tonnes and expand foreign investments, SiseCam general manager Adnan Caglayan said. Soda Sanayi 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.