Askale Cimento buys Trabzon cement

Askale Cimento buys Trabzon cement
Published: 21 October 2005

Askale Cimento placed the highest bid of US$81.25m in the tender held bythe SDIF (Saving Deposit Insurance Fund) for the sale of Trabzon cement plant, previously owned by the Uzan group. Seven investors submitted bids for the cement plant for which the SDIF set a minimum estimated value of US$50m. The sales of nine cement factories previously owned by the Uzan group were completed with the tender held for Trabzon plant. The SDIF set minimum estimated value of US$455m for nine factories, however the highest bids placed for the cement plants in the tenders amounted to US$1.07bn.