Turkish Limak Buys Ergani Cimento

Turkish Limak Buys Ergani Cimento
Published: 19 October 2005

Turkish Limak Group won the tender for the sale of cement factory Ergani Cimento filing the highest bid of $120.7m it was reported on October 18, 2005.  Thirteen companies bid for Ergani Cimento, which is one of the nine cement factories seized from Uzan family in February 2004.  Ergani Cimento was offered for sale at a starting price of $53m by the Savings Deposit Insurance Fund (TMSF), a fund that manages banks taken into receivership by the state.

Ergani Cimento, which is one of the six cement factories situated in southeastern Turkey, holds a market share of 20 per cent in the region. The plant, purchased by Uzan family for $46.2m in 1996, has an annual capacity of 577,500t of clinker and 161,600t of cement.