Sabancı Holding sells its shares in Olmuksa

19.09.2012
  • SABANCI HOLDING SELLS ITS SHARES IN OLMUKSA
  • SABANCI HOLDING CEO ZAFER KURTUL: “WE WILL FOCUS ON FASTER GROWING BUSINESSES WITH HIGHER RETURN ON EQUITY.”
  • SABANCI HOLDING INDUSTRY GROUP PRESIDENT MEHMET PEKARUN: WE WILL CONTINUE TO EVALUATE OPPORTUNITIES OF ORGANIC GROWTH AND ACQUISITION IN THE INDUSTRY GROUP”

CEOSabancı Holding will sell its 43.73% shares in Olmuksa to its partner in the same company, International Paper. The total worth of the sale will be 101.2 million TL. Share transfer will take place following the completion of the approval process.

Sabancı Holding CEO commented on the share sale by saying: “Sabancı Holding is focused on profitable growth with its net asset value of 13 billion USD. We have faith in the future of our country. Our country has shown considerable economic development in the recent years. As Sabancı Holding, we want to focus on areas where we can leverage our competitive advantage more and want to shift our capital to these areas. We prioritize fast growing businesses, industries with higher returns on equity. In line with this strategy, we have decided to sell our shares in Olmuksa to our partner International Paper. We have been in a very harmonious partnership with International Paper since 1998. I would like to thank them very much for our close collaboration and for their dedication and attention to our partnership. Moreover, I would like to express my gratitude to Olmuksa employees who have contributed greatly to our group with their dedication and commitment. Sabancı Holding will continue its investments with high sustainable profit and growth focus.”

Sabancı Holding Industry Group President Mehmet Pekarun said in his statement: “We will continue to evaluate opportunities of organic growth and acquisition in the industry group. In order to sustain our profitable growth, we continue to invest in business areas with added value, where we can differentiate ourselves with R&D, innovation and new market development potentials”.

Pekarun ended his statement by saying: “We believe that the industry leader Olmuksa will build upon its current success once it is fully integrated into International Paper”.