Oyak to sell Elazig works

Oyak to sell Elazig works
Published: 20 April 2006

Celalettin Caglar, head of Oyak cement group, said that the group decided to sell its Elazig cement plant. According to Caglar, the company has informed 25 domestic and international investors regarding the sale. In the cement plan, Oyak group holds a 70 per cent stake and Gama owns the remaining 30 per cent. Caglar further noted that they expect the sale process to be completed in June. Sedat Orhan, general manager of Elazig Cement suggested that the plant was worth US$250m. Orhan added that at first an IPO was considered but later on the board of management decided to sell the company.