Sisecam has finalised its partnership agreement with Turkish technology company Icron.
Subsidiary company Sisecam Investment purchased 3% of shares in the technology company for $3 million at the closing of a general meeting held yesterday January 15, 2024.
Simultaneously with the share purchase, it was also decided to increase Icron’s total capital by $5 million, with participation solely by Sisecam Investment. As a result of this capital increase, Sisecam Investment’s stake in Icron will rise to 15.66%.
Sisecam signed a letter of intent to invest in Icron in the first half of 2023 and then in October reached a partnership agreement with the organisation.
Under the agreement approved by the Turkish Competition Authority, Sisecam also holds an option to purchase additional shares in Icron – allowing it to raise its total stake in the company up to 49% – in the future.
Sisecam's goal with the partnership, its first investment in software technologies, is to grow in tandem with Icron.
The General Meeting was attended by Sisecam Chairman and Executive Member of the Board Prof. Dr. Ahmet Kırman, Sisecam CEO Görkem Elverici, Icron Founding Partner A. Tamer Ünal, its Chairman and CEO Gürer Ünal and its Board Member Ahmet Ertuğrul.