The opening bell rings for Şişecam on Borsa Istanbul

A global player in the glass industry and in the field of chemicals comprising soda and chromium compounds, Şişecam has successfully completed the largest merger ever registered in the Turkish capital markets. Today, the opening bell rang for Şişecam on Borsa Istanbul (Istanbul Stock Exchange).

Şişecam Vice Chairman and CEO Prof. Ahmet Kırman delivered a statement after the bell-ringing ceremony. He indicated that Şişecam simplified its legal entity and shareholding structure and consolidated all its activities under one entity to further enhance its global competitive position.

Kırman stated that the merger was a historic milestone in Şişecam's long-term strategies and competitive goals in global markets: “Şişecam has already broken new ground in Turkey and worldwide in line with its vision of being a pioneer in its business lines. We are now recording another major success with this merger. We have completed the largest merger of the Turkish capital markets with exemplary success.

Şişecam has become the industrial enterprise with the highest free float rate in Turkey – 49 percent. We would like to thank our shareholders for their overwhelming support during this merger process, which can rarely be seen internationally. We also extend thanks to our employees who made this success possible with their valuable contributions. In addition, our gratitude goes out to our customers and business partners for their trust and loyalty to Şişecam.”

“Currently, our only company trading on Borsa Istanbul is Şişecam. A single share with an increased free float ratio and transaction depth, now more attractive to investors, is traded on the stock exchange. We are also highly pleased that Şişecam is included in the MSCI Global Standard Index on October 1, 2020. We expect that Şişecam will be part of other major indices in the period ahead. We also firmly believe that Şişecam will attract significant attention from international funds and investors, and create higher share value,” Kırman said.

A global player in all key areas of the glass industry and in the field of chemicals comprising soda and chromium compounds, Şişecam has successfully completed the largest merger ever registered in the Turkish capital markets.

Procedures related to the merger by acquisition of the main subsidiaries of Türkiye Şişe ve Cam Fabrikaları A.Ş. – 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. – were initiated on January 30, 2020; the official application to the Capital Markets Board was approved on July 23, 2020.

At the Extraordinary General Assembly meetings held on August 26-28, 2020, the merger of the main subsidiaries by Şişecam was accepted. Registration procedures for the merger transaction were completed on September 30, 2020 pursuant to the relevant legal and regulatory provisions.

Since all business activities consolidated under a single entity, Türkiye Şişe ve Cam Fabrikaları A.Ş. has been the only Şişecam company publicly traded on Borsa Istanbul. Today, a bell-ringing ceremony was held for Şişecam on Borsa Istanbul (Istanbul Stock Exchange).

"We completed the largest merger of the Turkish capital markets with exemplary success."

Şişecam Vice Chairman and CEO Prof. Ahmet Kırman delivered a statement after the bell-ringing ceremony. He pointed out that Şişecam ranked among the top three global producers of glassware and among the top five producers of glass packaging and flat glass. Şişecam is also the world’s eighth largest soda producer and the global leader in chromium chemicals.

Kırman said, “Şişecam has already broken new ground in Turkey and worldwide in line with its vision of being a pioneer in its business lines. We are now recording another major success with this merger. We have completed the largest merger of the Turkish capital markets with exemplary success. Şişecam has become the industrial enterprise with the highest free float rate in Turkey – 49 percent. We would like to thank our shareholders for their overwhelming support during this merger process, which can rarely be seen internationally. We also extend thanks to our employees who made this success possible with their valuable contributions. In addition, our gratitude goes out to our customers and business partners for their trust and loyalty to Şişecam. Encouraged by our stakeholders, we plan to take even faster steps in the future to achieve our ambitious global goals.”

"We are pleased to be included in the MSCI Global Standard Index."

Kırman stated that Şişecam simplified its legal entity and shareholding structure and consolidated all its activities under one roof to enhance its global competitive position. He added, "Currently, our only company trading on Borsa Istanbul is Şişecam. A single share with an increased free float ratio and transaction depth, now more attractive to investors, is traded on the stock exchange. We are also highly pleased that Şişecam is included in the MSCI Global Standard Index on October 1, 2020 and starts to be traded on the stock exchange as of October 5, 2020. We expect that Şişecam will be part of other major indices in the period ahead. We also firmly believe that Şişecam will attract significant attention from international funds and investors and create higher share value.”

"We aim to deliver a higher share value for investors by further boosting our revenues and profitability."

With this merger, Kırman explained, Şişecam aims to achieve cost advantages by centralizing key functions – supply chain, production, sales and marketing – to create synergy between its business lines. This effort will also make decision-making processes more effective. Kırman continued: “We ultimately aim to demonstrate a higher share performance for investors by boosting our revenues and profitability. The merger enables more effective management of a geography spanning four continents across various business lines. It also will bring about an agile, swift and lean global structuring. Finally, the merger further bolsters our perception and position in global capital markets, while contributing greatly to our competitive edge and the economic value we create as a company.”

"Şişecam of the future will be more integrated, digital, optimized and operationally excellent."

Kırman emphasized that the merger is a historic milestone for Şişecam, which celebrated its 85th anniversary in 2020, and is in line with the company’s long-term strategies and competitive goals in global markets. “Thanks to this important step toward building the Şişecam of the future, we will focus on the principle of global excellence. In the coming period, we aim to become more integrated, digital, optimized and operationally excellent. Our objective is a Şişecam that is centered on a holistic corporate management approach with highly skilled human resources and smart technology. As a result, we will achieve a multi-dimensional transformation by integrating our organizational structure globally. We plan to complete our digital transformation journey by leveraging big data. We will ensure optimization with effective resource and asset management to generate high synergy across our entire value chain. Şişecam aims to achieve operational excellence while strengthening its global structure with agile, lean and effective operations,” Kırman noted.

"Şişecam has entered a new era, soaring to new heights, and will continue to attract attention."

Şişecam is entering a new era, soaring to new heights, Kırman underlined. Şişecam is becoming more integrated, digitalized, and optimized. The company is poised to achieve higher levels of operational excellence. He continued, “We will be a pioneer in the global market with our product and solution offerings. In the period to come, our focus is on value-added innovative products and developing a technology-based structure, as we soar to new heights. In the post-pandemic world of ‘new normal,’ Şişecam will rapidly respond to evolving demands and needs in the market. We will deliver our new advanced technology and innovative solutions to our customers. Şişecam will engage in a dynamic portfolio management as it benefits from new business areas and strategic collaborations that generate value. We are a global player in all core areas of glass production, including flat glass, glassware, glass packaging and glass fiber as well as in the field of chemicals comprising soda and chromium compounds. Şişecam also plays a leading role in the automotive, mining, energy and recycling sectors. In addition to strategic moves to boost efficiency across our existing business lines in the medium term, we will also capitalize on opportunities in new lines that will add value to Şişecam. Şişecam will continue to attract attention not only with its strong position in the global glass market, but also with its development and investments in other business lines outside the glass industry.”

"Şişecam will further boost its growth performance and create sustainable value, while expanding its global footprint."

Kırman pointed out that Şişecam was operating on a global scale with production activities spanning 14 countries on four continents and sales to over 150 countries: “We will utilize organic and inorganic growth opportunities more effectively thanks to our strengthened financial resources and consolidated capital management during Şişecam’s new era of soaring to new heights. We will further boost our growth performance and create sustainable value, while expanding the global footprint of our operations. Thanks to its balanced and high-yielding business portfolio and the geographic diversity of its operations, Şişecam has the expertise and capabilities to effectively compete internationally. We will also become more resilient to macro-vulnerabilities and further enhance our financial strength. As a player in the global arena, Şişecam will continue to create value for all its stakeholders.”