Shares in Türkiye-based cement and concrete maker Akçansa of Sabancı Holding rose around 10% on Wednesday after its parent company announced that it received an offer for its shares.
Sabancı Holding announced on Wednesday in a public statement that it received a binding offer for its 39.72% stake in the cement maker at an enterprise value of $1.1 billion.
"A binding offer has been received from an unrelated third party for the purchase of our company's shares in Akçansa Çimento Sanayi ve Ticaret A.Ş. ("Akçansa"), with a nominal value of 76,035,136.43 TL and representing 39.72% of Akçansa's share capital, based on a total company value of 1,100,000,000 U.S. dollars on a cash-free and debt-free basis," the holding said in a statement at Public Disclosure Platform (KAP).
Moreover, it said that the offer will be evaluated "in line with its contractual obligations and legal requirements."
Sabancı Holding, one of Türkiye's largest conglomerates, was reportedly considering divestments from its technology retailer Teknosa and food retailer Carrefoursa, among others, media reports indicated late last year. The company, however, later disputed reports about the potential sale of Carrefoursa store groups to other local outlets, suggesting they "do not reflect the truth."
Speaking at a news conference this week, Sabancı Holding CEO Kıvanç Zaimler stated that, within the scope of their future vision and 2029 road map, they aim to grow in their second century with a "triple formula," representing "sustainability," "digital" and "scalable growth."
Zaimler also commented on the allegations of sales and possible portfolio movements regarding some of Sabancı's subsidiaries.
"At certain periods, each of our companies undergoes a strategic review. This is a natural part of our management system," he said, according to remarks published by Anadolu Agency (AA).
"In this review, we examine the capital efficiency, portfolio return and sustainable growth of our subsidiaries. We make our decisions accordingly. If one day a model emerges in any business line that generates higher value, if capital efficiency can be shifted to a better area, or if a more appropriate strategic alternative arises for the company, we will certainly evaluate it," he added.
Brokerage Iş Yatırım called the offer for Akçansa "positive" for both Sabancı Holding and Akçansa stocks.
Shares in Akçansa hit the 10% ceiling on the Borsa Istanbul stock exchange, while Sabancı was up around 4%.
