EBRD becomes shareholder in Turkish glassware producer Paşabahçe
Baku, Azerbaijan, Oct. 23
By Aygun Badalova - Trend:
European Bank for Reconstruction and Development (EBRD) is investing up to €125 million in the acquisition of an equity stake of up to 15 percent in the Turkish company Paşabahçe Cam Sanayii ve Ticaret A.Ş, which is a glassware subsidiary of Şişecam Group - one of the leading glass producers in the world, EBRD reported on October 23.
Paşabahçe specialises in glass tableware and has a strong brand image, a diversified client base and a well-established market positioning, the report said.
As a shareholder, the EBRD will sustain Şişecam's efforts to advance the company's corporate governance in order to support its future growth and eventually prepare it for a successful public listing.
The EBRD's cooperation with Şişecam dates back to 1997, even before the Bank started investing in Turkey. The EBRD has financed Şişecam's operations in Bulgaria, Russia, Ukraine and now Turkey, having boosted the company with investments worth over €240 million over the years.
Most recently the Bank has provided a €30 million long-term loan to finance investments in energy efficiency and glass recycling at Şişecam.
Since the beginning of its operations in Turkey in 2009, the EBRD has invested over €4 billion in the country across 126 projects, both in direct deals and through credit lines. The EBRD is active in all sectors of the Turkish economy with a special focus on fostering sustainable growth.