Japan's Mitsui & Co. is in talks with Turkish integrated packaging manufacturer Sarten Ambalaj Sanayi as it aims to raise its current 15-percent stake in the company to 30 percent.

In an interview with Bloomberg, Sarten CEO Zeki Sarıbekir said that the negotiations were at a preliminary stage but the parties were likely to strike a deal by the New Year. He also noted that Sarten would not sell more than 30 percent of its shares.

Mitsui & Co., on the other hand, made no comments on the potential purchase. According to a statement on Mitsui's website, it purchased a 15 percent stake in Sarten back in 2015. Sarten manufactures steel cans and plastic containers for foodstuffs, cosmetics, and industrial products.

Meanwhile, Sarten, under Yapı Kredi's advisory service, plans to redeem bonds worth TL 40 million ($9.4 million) with a call date on Oct. 13.

The Sarten CEO said that the bonds will have a maturity period of two years and this will be the company's fifth bond issuance. "We have financed our growth through the Development Bank, the Industrial Development Bank of Turkey (TSKB), the International Finance Cooperation (IFC) and the European Bank for Reconstruction and Development (EBRD). We do not want public offerings and want to stay in the bond market. We were on a roadshow the other day," Sarıbekir said, adding that they plan to issue another Turkish lira-denominated bond in July next year.

Sarten currently runs 13 manufacturing plants in Turkey, one facility in Russia and another in Bulgaria. It is planning to open a new facility in the Netherlands this November.

"We want to grow our businesses abroad, mainly in steel can manufacturing. We will do so by opening new facilities or through purchases of existing ones. Morocco is also on our radar in terms of future investments," he said.