OYAK Cement Completes Merger Process

OYAK Cement, a significant player in the Turkish cement industry, has completed a merger process, bringing together OYAK Cement Factories Inc. and OYAK Denizli Cement Inc. This strategic move was finalized following a decision made at the Extraordinary General Assembly Meeting of OYAK Cement Factories Inc.

The merger process, which differs from the previous consolidation of publicly traded companies under OYAK Cement Factories Inc. in May 2020, involved the integration of a publicly traded company with a non-publicly traded company. As a result of the merger, the equity of OYAK Cement Factories Inc. increased from 1 billion 159 million 793 thousand 441 TL to 1 billion 246 million 578 thousand 406 TL.

With this merger, OYAK Cement now operates seven integrated factories, two grinding plants, and 52 concrete plants spread across the country, making it the capacity and market leader in the Turkish cement industry. The company is also the first in Turkey to commit to "Net-Zero" emissions.

OYAK Cement has made significant investments over the past five years to reduce energy costs, enhance waste feeding systems, establish waste heat recovery facilities, and develop more environmentally friendly units. The company has also significantly increased its use of alternative fuels.

This merger is a key development in the Turkish cement industry, positioning OYAK Cement as a more robust and integrated player in the market.

For more information, visit the original source at Bloomberg HT.