Turkey: CRH and Eren Holdings plan sale of JV

Turkey: CRH and Eren Holdings plan sale of JV
Published: 03 October 2014


CRH and its Turkish partner Eren Holdings have applied to Turkey's competition regulator to sell their joint venture, Denizli Cimento, to army pension fund OYAK Group, according to a statement on the watchdog's website.

Irish building materials major CRH and Istanbul-based Eren each hold a 50 per cent stake in Denizli.  No price was given for the disposal.

CRH has embarked on a disposal plan under new chief executive Albert Manifold and plans to sell at least 10 per cent of its net assets, or between EUR1.5bn and EUR2bn worth.