Sasa Polyester has raised the investment amount for the polymer production plant set to be established from TL 7.2 billion ($2 billion) to TL 12.8 billion ($3.58 billion).

According to a statement released by the company to the Public Disclosure Platform (KAP) within the scope of the "Grant of Project-Based Government Assistance to Investments," the new investment project, which is planned to be completed in six years with a fixed investment amount of TL 7.2 billion ($2 billion) for the purpose of establishing the PTA, MEG and polymer production plant, has been raised to TL 12.8 billion ($3.58 billion), while the investment period has been increased to eight years.

The statement also noted that the company continues negotiations with the Economy Ministry and the Energy and Natural Resources Ministry for the purchase, allocation or lease of 2.9 million square meters of land located in Hatay-Dörtyol and owned by Turkish Petroleum.

Share sales prohibited

Meanwhile, short sale and online transactions have been prohibited for Sasa Polyester for three months, according to a statement released by the Capital Markets Board (CMB). Between April 3 and May 26, Sasa Polyester increased 142.16 percent in value. The share prices rose from TL 3.46 (97 cents) to TL 8.39 ($2.35) and TL 8.84 ($2.47) during that period. The transactions carried out in Sasa Polyester between March 24 and May 23 show reasonable doubt that the acts in Article 107/1 of the rule of law have been committed.