Sabanci to offload 15 percent stake in Advansa

25 May '06

1 min read

Sabanci Group of Turkey has planned to offer a 15 percent stake in its fiber and PET producing subsidiary, Advansa-Sasa on Istanbul bourse (IMKB) wholesale market.

Sabanci currently holds a 92.82 percent stake in Advansa including Netherlands registered Advansa BV.

Sabanci Group had purchased a 50 percent stake of Advansa held by DuPont in 2004.

Sabanci's statement to IMKB confirms its entering into discussions with a number of possible bidders for some of Advansa's PET operations.

The company has issued denial about the news that it has clinched a deal with Spain's La Seda de Barcelona SA for sale of the entire company.

Advansa's 300,000 metric ton per year capacity plants in Germany and Turkey has facility to extrude fiber, production of cloth, home textiles and industrial textiles.

It also owns a 650,000 metric ton per year purified terephthalic acid plant at Wilton, UK; a 240,000 metric ton per year di-methyl terephthalate plant at Adana in Turkey; a total of 300,000 metric ton per year capacity PET plants in UK and Turkey, as well as a 10,000 metric ton per year capacity PET plant at Bucharest, Romania.

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