OCI signs agreement with Baltali Family to consolidate ownership in Batiçim Çimento
OCI announced today that it has signed an agreement with Mrs. Türkan Baltalı, one of the largest shareholders of Batıçim Batı Anadolu Çimento Sanayii A.Ş. (Batıçim).
The agreement lays the foundation for the partnership which will consolidate both shareholders’ votes in a new joint venture company.
The partnership will result in the consolidation of 21.7 million class B shares representing approximately 33.7% of total outstanding class B shares and 6,469 A class shares representing approximately 13.5% of total outstanding A class shares.
The joint venture entity to be formed subsequent to the partnership agreement will control approximately 33% of total Batıçim votes.
OCI concluded its tender call for all outstanding A and B class shares in Batıçim on 12 April 2007.
Published under Cement News
