Turkish glassmaker Şişecam Group has received approval to unite all its operations under a single entity.
Şişecam officially applied to the Capital Markets Board (CMB) to simplify the structure of its business by merging with its four publicly listed (BIST) subsidiaries (Trakya Cam, Anadolu Cam, Soda Sanayii and Denizli Cam) and Paşabahçe Cam into one single listed corporation.
Following approval by the CMB on July 23, 2020, a decision on the merger transaction is expected to be made during the Extraordinary General Assembly meetings of Şişecam and its subsidiaries, between August 26 and 28, 2020, with the agenda focusing specifically on the merger transaction.
Prof. Ahmet Kırman, Şişecam Group Vice Chairman and CEO, said: “Through this merger, we aim to be more agile and swift; build a more suitable legal and administrative infrastructure in terms of global competition; and show a higher share performance for investors.
“Companies that have the necessary infrastructure to comply with the changing conjuncture in the new world order in the post-pandemic era will have the upper hand. Our merger is a vital move in this respect.”