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Following approval by the Capital Markets Board (CMB), shareholders also approved the merger of all operations under a single umbrella by ����ş�𳦲��� Group, a global player in the glass industry and in the field of chemicals comprising soda and chromium compounds.

����ş�𳦲��� aims 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. Official merger procedures were initiated on January 30, 2020. The official application was made to the CMB on April 27, 2020, and the regulatory authority’s approval was received on July 23, 2020. Following the CMB’s approval, the merger of the main subsidiaries by taking over by ����ş�𳦲��� was approved at the Extraordinary General Assembly meetings held on August 26-28, 2020.

“The merger of all Group operations under one entity will bolster ����ş�𳦲���’s competitive edge globally. We see ����ş�𳦲���'s merger as a historic milestone in line with our long-term strategies and competitive goals in global markets. The unanimous approval of the merger by our shareholders attending the General Assembly has further encouraged us to take this important step toward building ����ş�𳦲��� of the future. We would like to thank all our stakeholders – especially our shareholders who have provided unwavering support – as well as our employees, customers and business partners, for their valuable contributions to this process and for their trust and loyalty to ����ş�𳦲���. As an exemplary company that creates sustainable value, ����ş�𳦲��� will more swiftly achieve its global objectives with the great strength derived from its stakeholders,” Prof. Ahmet Kırman, ����ş�𳦲��� Group Vice Chairman and CEO, said in his statement.

Following approval by the Capital Markets Board (CMB), shareholders also approved the merger of all operations under a single entity by ����ş�𳦲��� Group, a global player in all core areas of the glass industry and in the field of chemicals comprising soda and chromium compounds. The Group opted for simplification of its legal entity and shareholding structure.

Procedures on consolidating the publicly listed (BIST) main subsidiaries of the Group – namely, Anadolu Cam, Denizli Cam, Soda Sanayii and Trakya Cam along with Paşabahçe Cam – under the ����ş�𳦲��� umbrella were initiated on January 30, 2020. The official application was made to the CMB on April 27, 2020, and the regulatory authority’s approval was received on July 23, 2020.

Extraordinary General Assembly meetings were held on August 26-28, 2020 with the specific agenda of the merger following the CMB’s approval. Shareholders approved the merger of Anadolu Cam Sanayii A.Ş., Denizli Cam Sanayii ve Ticaret A.Ş., Paşabahçe Cam Sanayii ve Ticaret A.Ş., Soda Sanayii A.Ş. and Trakya Cam Sanayii A.Ş. by taking over by Türkiye Şişe ve Cam Fabrikaları A.Ş. as a whole with all their assets and liabilities. Following the approval decisions taken at the General Assembly meetings, the merger process is expected to be completed by the end of September pursuant to relevant legal and regulatory provisions.

“����ş�𳦲��� Group operates internationally, with production activities across 14 countries on four continents, and sales in over 150 countries. At the beginning of this year, we set out to consolidate all ����ş�𳦲��� Group operations under a single entity in order to enhance the maturity of our global organization. The unanimous approval of the merger, which will bolster ����ş�𳦲���'s competitive edge globally, by our shareholders attending the General Assembly has further encouraged us to take this important step toward building ����ş�𳦲��� of the future. We would like to thank all our stakeholders – especially our shareholders who have provided unwavering support – as well as our employees, customers and business partners, for their valuable contributions to this process and for their trust and loyalty to ����ş�𳦲���. As an exemplary company that creates sustainable value, ����ş�𳦲��� will more swiftly achieve its global objectives with the great strength derived from its stakeholders,” Prof. Ahmet Kırman, ����ş�𳦲��� Group Vice Chairman and CEO, said in his statement.

"A historic milestone in line with our competitive goals in global markets"

“When the merger transaction is completed, ����ş�𳦲��� will be our only company to be publicly traded on BIST. As a result, our free float ratio and trading depth will increase. With the market value of publicly traded shares exceeding USD 1 billion, a single ����ş�𳦲��� stock that is more attractive to investors will be traded on BIST. ����ş�𳦲��� will be included in major indices in the coming period, including the MSCI Index. ����ş�𳦲��� will become more of a focus for international funds and investors. Thanks to the merger, we aim to reap cost advantages by centralizing our main functions, such as supply chain, production, sales and marketing. In addition, ����ş�𳦲��� will create synergy between its business lines and make its decision-making processes more effective. Ultimately, we will demonstrate a higher share performance for investors by boosting our revenues and profitability,” Kırman noted.

Kırman stated that ����ş�𳦲���'s merger is a historic milestone in line with the Group’s long-term strategies and competitive goals in global markets: “The ����ş�𳦲��� merger enables more effective management of a geography spanning four continents across different business lines. The merger will bring about an agile, swift and lean global structuring. It will further strengthen ����ş�𳦲���’s perception and position in global capital markets, while contributing greatly to our competitive edge and the economic value we create as a company.”

“����ş�𳦲��� is taking firm steps to achieve its ambitious global goals in its 85th year. We will complete the merger as planned with the strength we derive from ����ş�𳦲���'s long-standing past. In the coming period, in line with our growth strategy of creating sustainable value, ����ş�𳦲��� will take strategic steps to boost its efficiency in its main business lines. In addition, we will capitalize on investment opportunities in new business areas that we believe to be promising. As a player in the global arena, ����ş�𳦲��� will continue to create value for all its stakeholders,” Kırman said in the statement.