Will come to life with 5 companies
7 foreign companies in line for partnership
Details are becoming clear in Sasa’s Yumurtalık investment which is expected to contribute 5.2 billion dollars to the reduction of Turkey's current account deficit. An investment of $ 11.8 billion will be made by 2031.
SASA's Yumurtalık investment will come to life with 5 companies,
7 foreign companies in line for partnership
Details are becoming clear in Sasa’s Yumurtalık investment which is expected to contribute 5.2 billion dollars to the reduction of Turkey's current account deficit. An investment of $ 11.8 billion will be made by 2031. 5 separate companies will be established under Sasa, foreign partners will be accepted to these companies.
Details are becoming clear in Sasa’s Yumurtalık investment which is among Turkey’s 23 projects with “Super Incentive”. Sasa will not directly take place in the project that will be implemented with 5 subsidiaries. Domestic and foreign partners will be accepted as fifty-fifty partners or minority shareholders to the 5 subsidiaries one of which will be established as a port management company and Sasa will be the controlling shareholder. In 2015, the investment plans of Sasa, which acquired by Erdemoğlu Holding, were presented at a press conference. Giving a speech at the meeting, İbrahim Erdemoğlu, Chairman of Erdemoğlu Holding, said, “As Sasa, we are going to divide our investment in Yumurtalık into five main companies, and we can accept domestic or foreign partners to these companies in the coming period.” Expressing that 7 organizations worldwide wants to be partners with Sasa, Erdemoğlu said that 3 of them are from Japan, 2 of them are from South Korea, one is from Kuwait and the other from Europe. Erdemoğlu said that two of the organizations that aspire to become partners are interested in being strategic partners. Erdemoğlu said they will meet with these companies after the EIA report and approvals, and added, “We are not going to take partners to SASA, we will take partners to the subsidiaries of SASA. This partnership will not exceed 50 percent, SASA will be the controlling partner.”
Erdemoğlu stated that when they acquired Sasa in 2015, the turnover of the company was 400 million dollars, and said. “For 1.5 years we have understood the company and then started the investments. One of these investments is the fiber plant with 350-thousand-ton annual production capacity which is under one structure in the world. The plant has started production. We will complete our other investments, which are currently under construction, by 2020. When these are completed, the turnover which was 400 million dollars in 2015, will reach 1.9 billion dollars in 2021.
EIA to be completed in October
Stating that they started to invest in petrochemicals in Adana-Yumurtalık, Erdemoğlu said, "6.8 million square meters of land was allocated in the region. With this land, we started our work quickly. We will invest 11.8 billion dollars in Yumurtalık by 2031.”
Emphasizing that once the project is completed, 5.2 billion dollars will be contributed annually to the country’s account deficit, Erdemoğlu, predicted that they will indirectly contribute 12-15 billion dollars annually to Turkey’s account deficit. Erdemoğlu, pointing out that the EIA report will be completed in October, said, “Our corresponding expropriation files are at Mustafa Varank, the Minister of Industry. We are waiting for the expropriation to be completed. In 2020, in 2020, we will start the production of PTA and MEG raw materials that SASA needs worth 1.5 billion dollars.”
Sasa share price rose 8-fold
Erdemoğlu stated that since their acquisition of Sasa in 2015, their shares in Borsa Istanbul have risen eight-fold. former Deputy Prime Minister Mehmet Şimşek representing London-based Dome Group Financial Advisers Limited and İbrahim M. Turan, former Chairman of Borsa İstanbul and former MP, attended the meeting. Deputy General Manager Güven Kaya and Deputy General Manager İrfan Başkır also gave presentations at the meeting.
5% of world carpet production alone
İbrahim Erdemoğlu, stating that they are the world production winner in the carpet industry, where their father had entered 1983 by buying 2 rug looms, said, "Today Merinos, with its Russian facility, produces 5 percent of the machine-woven carpets produced in the world. We will increase our global market share to 7 percent in the next 3 years.”
Erdemoğlu said that they export 85 percent of the production of Merinos brand.
Dünya Newspaper
