Asas Turkey (IFC-38990)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Turkey
Where the impacts of the investment may be experienced.
Specific Location
Sakarya
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 6, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
ASAS ALUMINYUM SANAYI VE TICARET ANONIM SIRKETI
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 82.47 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 70
Converted using 2018-06-06 exchange rate.
Project Cost (USD)
$ 150.80 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 128
Converted using 2018-06-06 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 3, 2018

Disclosed by Bank Jun 6, 2018


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Project Description

This project provides financing to Asas for the construction and installation of a new aluminum extrusion press of 120 mega-newtons (MN), which will be the largest in Turkey. The facility will be constructed next to Asas' existing industrial compound in Sakarya, Turkey.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Asas is wholly owned by the Yavuz Family, which holds prominent management positions at the organization along with professionals. The shareholders are Mr. Samet Ali Yavuz (30% - Chairman of the Board), Mr. Safa Bayar Yavuz (30% - responsible for the aluminum division), Mr. Gokhan Yavuz (30% - responsible for the PVC division); and Mr. Ahmet Yavuz (10%).

Contact Information

Asas Alüminyum Sanayi ve Ticaret A.S. 
Akif Çergel 
HSE Manager 
+90 264 462 47 92 
akif.cergel@asastr.com 
Küçücek Istiklal Mah. Kisla Alani Caddesi, No: 2-2/1, 54400 Akyazi - Sakarya, Turkey 
http://www.asastr.com 

ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/