Sabancı sells stake in cupboard facility

ISTANBUL - Anatolia News Agency

Sabancı Holding has decided to sell its 43.73 percent stake in Olmuksa, the cardboard company, to its partner International Paper.

The sale price will be 101.2 million Turkish Liras, and the share transfer will take place after the approval process is complete, according to a company announcement.

Sabancı Holding is confident about Turkey’s future due to the significant economic strides the country has been able to make over the past few years, Sabancı Holding Chief Executive Officer (CEO) Zafer Kurtul said. Therefore, he said, Sabancı Holding wants to increase its capital in sectors where it has a greater competitive advantage.

“It was as part of this strategy that we decided to sell our shares in Olmuksa to our partner International Paper. We’ve had a very successful partnership with International Paper since 1998,” Kurtul said, adding that Sabancı thanks Olmuksa’s hardworking staff. Sabancı will continue to evaluate organic growth and investment options, Sabancı Industrial Group President Mehmet Pekarun said. “To solidify our profitable growth, we will continue to invest in value-added business segments, research and development, innovation and new markets to set ourselves apart,” Pekarun said. “With the complete integration of sector leader Olmuksa and International Paper, we believe that Olmuksa will continue with its current success.”