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EBRD becomes a shareholder in Turkish glassware producer Pasabahce

By Olga Rosca

EBRD's Michael Davey (l) and Peter Bryde (r) and Sisecam's Prof. Dr. Ahmet Kirman (c) seal the deal in Istanbul

The EBRD is investing up to €125 million in the acquisition of an equity stake of up to 15 per cent in the Turkish company Paşabahçe Cam Sanayii ve Ticaret A.Ş, a glassware subsidiary of Şişecam Group, one of the leading glass producers in the world.

Paşabahçe specialises in glass tableware and has a strong brand image, a diversified client base and a well-established market positioning.

As a shareholder, the EBRD will sustain Şişecam’s efforts to advance the company’s corporate governance in order to support its future growth and eventually prepare it for a successful public listing. In addition, given the physically challenging conditions of the glass industry, the EBRD will help Paşabahçe to attract more female employees by providing wider career opportunities within the company.

Speaking ahead of the official signing ceremony in London, EBRD President Sir Suma Chakrabarti, said: “The EBRD will work towards further improving corporate practices at Paşabahçe and will help make a strong company even stronger.”

The EBRD’s cooperation with Şişecam dates back to 1997, even before the Bank started investing in Turkey. The EBRD has financed Şişecam’s operations in Bulgaria, Russia, Ukraine and now Turkey, having boosted the company with investments worth over €240 million over the years.

Most recently the Bank has provided a €30 million long-term loan to finance investments in energy efficiency and glass recycling at Şişecam. With the help of the EBRD and funds from the government of Spain, the company has been advancing its efforts to boost glass recycling across Turkey.

Şişecam Vice Chairman and CEO, Prof. Dr. Ahmet Kırman, said: “Given our long-standing partnership with the EBRD, we are very happy about this transaction. Our distinguished organisations have strengthened their relationship and cooperation even more to pave the way for a stronger and mutually beneficial partnership.”

Since the beginning of its operations in Turkey in 2009, the EBRD has invested over €4 billion in the country across 126 projects, both in direct deals and through credit lines. The EBRD is active in all sectors of the Turkish economy with a special focus on fostering sustainable growth.

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