Russia’ OJSC fails to arrange funds for buying out assets of Set

Russia’ OJSC fails to arrange funds for buying out assets of Set
Published: 22 October 2008

Chairman of cement maker Set Group Holding, Adnan Ignebekcili, informs that Russian OJSC Holding Company Sibirskiy Cement could not manage to raise funds to complete the buyout of the group’ assets until the given deadline of Oct 20.

In April, Italcementi, through its French sub-holding Ciments Francais, agreed to sell cement assets in Turkey , including Set Group, Set Cimento, Set Beton and Ayfon Cimento, to Sibirskiy Cement for a total of EUR 600mn in cash and stock. Afyon Sigorta issued a statement to the Istanbul Stock Exchange explaining that Ciments Francais reserves all its rights arising from the sale agreement.

Afyon Cimento also informed that Ciments Francais and Sibirskiy will continue talks in good will.

Adnan Ignebekcili, on the other hand, says that upon Russian company’ request, Set Group decided to grant Cement Sibirskiy a reasonable period of time to complete the acquisition of assets.

Set Group Holding operates four cement plants, one grinding facility and 18 ready-mix concrete units across Turkey and holds 8% share in local cement market.