Baticim puts Batisoke stake of up to 75% for sale

Baticim, part of the Turkey-based Bati Anadolu Group, is looking to sell a stake of up to 75 per cent in Batisoke, according to a Reuters report citing a source close to the process.

Unlu & Co financial services group has been appointed to handle the sale, for which interested parties should complete due diligence for binding and non-binding offers in July to September.

Batisoke is reportedly forecast to make EBITDA of US$14m in the FY19-20. In the first quarter, the company posted a net loss of TRY59.4m and a revenue of TRY115.9m.

At present the Turkish cement industry has overcapacity with domestic demand slowing as the country’s economy has been facing several challenges. With a debt-fuelled construction industry, capacity utilisation has fallen to 53.4 per cent. Last year Sabanci Group commissioned Unlu & Co to dispose of Kayseri Cimento, Nigde Cimento and Ladik Ciment.