Çimsa buys shares in rival cement company
ISTANBUL- Hürriyet Daily News
A Çimsa execuitvie stands next to his company’s cement trucks.Çimsa Çimento, a Sabancı Holding subsidiary in the Turkish cement industry, has acquired a controlling stake in local rival Afyon Çimento Türk Sanayii, according to a company press release.
A share purchase agreement was signed Feb. 15 between Çimsa and Afyon Çimento for the sale of shares representing 51 percent of Afyon, owned by Parcib SAS. The agreed purchase price is 57.5 million Turkish Liras.
Parcib is a wholly owned subsidiary of Ciment Français, the international branch of Italcementi Group, the fifth largest cement producer in the world, according to its official website.
The agreement is subject to regulatory approval, the official statement said.