Agreement signed for the sale of Kümaş Manyezit

Agreement signed for the sale of Kümaş Manyezit

An agreement has been signed for the sale of Yıldız Holding’s subsidiary Kümaş Manyezit to Erdemir, which operates within the OYAK Group. Following the agreement for an enterprise value of USD 340 million as reported to the Public Disclosure Platform (KAP), the shares will be transferred upon legal approval.

According to the statement made by Gözde Girişim to the Public Disclosure Platform (KAP), an agreement was signed for the transfer of the entire capital of Kümaş Manyezit Sanayi A.Ş. to Ereğli Demir ve Çelik Fabrikaları T.A.Ş. With 49 percent of the shares owned by Yıldız Holding and the remaining 51 percent by Gözde Girişim Sermayesi Yatırım Ortaklığı A.Ş., Kümaş Manyezit Sanayi A.Ş. will be sold with an enterprise value of USD 340 million upon legal approval. Ünlü & Co provided exclusive financial consultancy to Yıldız Holding and Gözde Girişim for the sale process.

Mehmet Tütüncü: “Kümaş Manyezit has gained significant value under the roof of Yıldız Holding”

Regarding the sale of Kümaş Manyezit to Erdemir, Yıldız Holding CEO Mehmet Tütüncü said: “As we maintain our growth strategy focusing on food and retail as our main fields of operation, we continue to invest in various industries through our venture capital firm Gözde Girişim. Acquired by Gözde Girişim in 2012, Kümaş Manyezit has gained significant value under the roof of our Holding. Exclusively possessing approximately 20 percent of all cryptocrystalline magnesite ore worldwide, Kümaş Manyezit continued its operations uninterruptedly in 2020 despite the pandemic. Currently producing 100 percent of the fused magnesite with 98 percent magnesium oxide (MgO), which used to be imported, Kümaş made significant contribution to the national economy with a year-on-year increase of 14 percent in total sale in 2020. Today, we are transferring Kümaş Manyezit as a company with even greater value with very high levels of efficiency and profitability. We wish to see Kümaş thrive even further under the roof of Erdemir.”

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