The sale of assets of Altınyag to Sodrugestvo Group SA at a cost of 30.5 million dolar was the biggest acquisitions of foreign investors announced in the first quarter of 2018. Altınyag Chairman of the Board of Directors Mehmed Nureddin Cevik, we aim to turn to new investments with the income we have said.
Sold to the Sodrugestvo Group S.A
The sale of the entire real estate and machinery park belonging to Altinyag Kombinaları, one of the oldest industrial establishments of İzmir, and the entire real estate and machinery park belonging to Gurtas Tarim Enerji Yatirimlari to the Sodrugestvo Group S.A, based in Luxembourg, was the biggest buyer of foreign investors in the first quarter of 2018.
Our Purpose To Provide Continuation of Production of Altinyag
Altinyag Board of Directors Mehmed Nureddin Cevik said: “In a period when foreign direct capital inflows are slowing down, we are delivering an employment-creating organization like Altinyag with confidence. Depending on the procedure, the transfer process will end after obtaining the necessary documents and permits. Our aim is to ensure that the plant continues to produce without interruption from bureaucratic procedures. We also aim to turn to new investments with the income we have.”
Only One Asset Sold
Cevik stated that only one asset was sold to Sodrugestvo and the Altinyag brand would continue to exist: “On the one hand, the assets of Altınyağ were in the attempt to sell the Sodrugestvo Group, while on the other hand for the capital increase amounting to 45 million TL the applicant has applied to that institution. This application was approved in February. We aim to grow by strengthening our existing investments while making investments in the field of food and real estate, where our affiliate Etiler Marmaris is involved, while strengthening the financial structure on the one hand with the income we gain from both our enterprises.”