Sabanci Holding announced it received a binding offer for its 39.72 per cent stake in Türkiye-based cement and concrete producer Akçansa Cimento for an enterprise value of approximately US$1.1bn.
"A binding offer has been received from an unrelated third party for the purchase of our company's shares in Akçansa Çimento Sanayi ve Ticaret AS ("Akçansa"), with a nominal value of TRY76,035,136.43 [US$1.749m) and representing 39.72 per cent of Akçansa's share capital, based on a total company value of US$1,100,000,000 on a cash-free and debt-free basis," the holding said in a statement at Public Disclosure Platform (KAP).
Sabanci said that the offer will be evaluated "in line with its contractual obligations and legal requirements."
Akçansa Cimento is a joint venture by Sabanci Holding and Germany-based Heidelberg Materials.
