Oyak Group sells out 41.1% stake in Oysa Cimento to Sabanci

Oyak Group sells out 41.1% stake in Oysa Cimento to Sabanci
Published: 26 March 2007

Oyak Group has signed a share transfer agreement with  Sabanci Holding to sell its 41.0.9% stake in the cement company Oysa Cimento. Oyak Group’s ISE-listed cement company Adana Cimento, which holds a 22.21% stake in Oysa, will receive USD 38.3mn. Mardin Cimento, holding 9.99% Oysa shares, will receive USD 17.2mn from the share sale. Oyak Group and Sabanci also signed another asset sale agreement according to this agreement Oysa’s Iskenderun facility will be sold to  Adana Cimento for USD 70.8mn. Previously, the anti-trust board ruled that the partnership of Sabanci Holding and Oyak in Oysa breaches competition rules. Upon the board’s ruling Sabanci and Oyak decided to end this partnership and finally signed share transfer and asset sale agreements on Mar 22.