Advisors have been appointed to find a potential buyer for International Paper’s (IP) Turkish corrugated cardboard mills.
In a statement on Turkish stock market notification platform KAP, IP subsidiary IP Container Holdings (Spain) SL had decided to make a statement following rumours in the media that Olmuksan International Paper Ambalaj Sanayi ve Ticaret Anonim Şirketi was up for sale.
It said: “According to the information conveyed by our main shareholder IP Container Holdings (Spain) SL, for the sale of its shares in Olmuksan International Paper Ambalaj Sanayi ve Ticaret Anonim Şirketi, the evaluation of strategic options, including selling to potential investors or selling in the relevant stock market of Borsa İstanbul Financial, advisors have been authorised for the purpose.
“Since it is unclear whether the negotiations to be conducted with potential investors on the basis of confidentiality regarding the said share transfer will result in consensus and there is no proposal made so far within the scope of the process, with the decision of the Board of Directors of the Company dated August 27, 2020, it was decided to postpone the public disclosure of the said insider information, on the grounds that the announcement of this situation may harm the legitimate interests of our Company, create false and misleading impressions on investors, cause speculation in the market and hence investors may be harmed.
“In the event of developments that will affect the investment decisions of our company’s shareholders, further necessary disclosures will be made within the framework of the public disclosure principles before the Capital Markets Board.”
Olmuksan International Paper was founded in 1968. In 2013, International Paper bought the company and currently owns 93.9% of the shares with the remainder publicly owned.
It has five mills across the company, two of which it bought from DS Smith in 2010.