Orascom prepares tender offer for cement producer Baticim

Orascom prepares tender offer for cement producer Baticim
Published: 26 February 2007

Egypt’s Orascom Construction Industries (OCI) applied to the capital markets board for a voluntary tender offer for A and B class shares of the cement producer Baticim Bati Anadolu Cimento. OCI already owns 13.9m B class shares of Baticim, corresponding to 21.58% of cement producer’s capital. OCI offers TRY 11.5 (USD 8.34) for each TRY 1 nominal valued B class shares and TRY 1.88 for A class shares. A class shares have voting rights and are entitled to receive dividends. The call price corresponds to a total equity value of TRY 830.8mn (around USD 603mn). If OCI acquires the controlling stake in Baticim, it will unite all Turkey operations under one company following the necessary approvals of related watchdogs, read a statement sent to the ISE by Orascom.
 
Sabanci Holding to invest USD 6.5bn in energy sector. Sabanci Holding chairwoman Guler Sabanci said that the company plans to invest a total of USD 6.5bn in energy sector in the coming ten years. Sabanci is holding talks with foreign companies regarding the nuclear power plant project said Guler Sabanci. Last year, Sabanci Holding had teamed up with Austria’s Verbund for the electricity distribution privatisations however the government postponed the privatisation of three electricity distribution companies and announced that it would call a tender after the November general elections. Sabanci is still interested in distribution companies said Guler Sabanci and added that the holding company would lay the foundations of 450 MW Tufanbeyli power plant in 3-4 months. Sabanci will also construct a 900 MW thermal plant in the city of Erzurum if the coal reserves of the region turn out to be sufficient. Sabanci Holding, one of the largest conglomerates of Turkey, runs energy sector businesses under its subsidiary Enerjisa.