Turkey's Baticim to sell up to 75% of cement maker Batisoke - sources

Batisoke Soke Cimento Sanayii TAS

13/06/2019 14:52

By Ebru Tuncay
    ISTANBUL, June 13 (Reuters) - Baticim, a unit of Turkish
conglomerate Bati Anadolu Group, is looking to sell a stake of
up to 75% in cement manufacturer Batisoke  BSOKE.IS , according
to a source close to the process and a document seen by Reuters.
    Turkish financial services group Unlu&Co has been appointed 
to handle the sale, the source said, speaking on condition of
anonymity. 
    Batisoke has a market capitalisation of 349 million Turkish
lira ($59 million), according to Refinitiv Eikon data. 
    Baticim was not immediately available for comment. Unlu&Co
declined to comment.
    Bati Anadolu Group also has interests in energy production,
port operations and other concrete production sectors.
    The document sent to potential buyers said due diligence for
binding and non-binding offers planned to be completed in July
to September. 
    It said Batisoke was projected to make earnings before
interest, tax, depreciation and amortisation (EBITDA) of $14
million in its 2019-20 financial year. 
    Batisoke made a net loss of 59.4 million lira and revenue of
115.9 million lira in the first quarter, according to its 
financial statements.
    Turkey's cement industry is suffering from over-capacity as
domestic demand slows. Capacity usage has fallen 10.6 percentage
points in the last four years to 53.4%, according to data from
Turkey's Cement Industry Association.
    Last year, Turkish conglomerate Sabanci Group mandated
Unlu&Co to sell cement producers Kayseri Cimento, Nigde Cimento
and Ladik Cimento.  urn:newsml:reuters.com:*:nI7N1UC00F
    ($1 = 5.8812 liras)

 (Additional reporting by Eylul Aktan; Writing by Ezgi Erkoyun;
Editing by Mark Potter)
 ((ezgi.erkoyun@thomsonreuters.com; +90-212-350 7051; Reuters
Messaging: ezgi.erkoyun.thomsonreuters.com@reuters.net;))