Original disclosure @ IFC website
Updated in EWS Jul 26, 2019
Disclosed by Bank May 8, 2019
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According to bank documents, the proposed IFC investment is up to US$30 million to support (i)the renovation and upgrade of existing plant and furnace including a cold repair and (ii) working capital and refinancing needs of the plant.
The total Project cost is expected to be US$50 million and the proposed IFC investment is an A Loan of up to US$30 million which will be provided in two tranches. The Loans will be used to finance the upgrade investments and shorter-term working capital needs of Pasabahce Egypt.
Pasabahçe Egypt Glass Manufacturing S.A.E. is a glassware company incorporated in Egypt following the acquisition of a local glassware manufacturer in 2017.
The project sponsors are Sise ve Cam Fabrikalari A.S. (“Sisecam Group”) and Pasabahce Cam Sanayii ve Ticaret A.S. (“Pasabahce”). Pasabahce Egypt is indirectly owned by Pasabahce through its subsidiaries Pasabahce Investment B.V. (93%), Nude Design Investment B.V. (5%), Istanbul Investment B.V. (1%) and Nude Glass Investment B.V. (1%). Pasabahce Investment B.V. is entirely owned by Pasabahce and was established as the platform company for Pasabahce’s overseas operations and hence, owns 100% stake in other minority shareholders of Pasabahce Egypt as listed above.
Pasabahce is a leading Turkish glassware producer, jointly owned by Sisecam (84.6%), European Bank for Reconstruction and Development (“EBRD”) (14.9%) and Islamic Development Bank (0.5%). Engaged in the production and distribution of flat glass, tableware, glass containers, glass fiber and associated products worldwide, Sisecam is Turkey’s leading glass manufacturer and a prominent player in the global glass industry. Sisecam is 75% owned by Turkiye Is Bankasi and its related entities and the rest of the shares are publicly traded on Istanbul Stock Exchange with a total market capitalization of c. US$2.2 billion as of April 8, 2019.
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Pasabahçe Egypt Glass Manufacturing S.A.E.
Corporate Finance Manager
+90 850 206 5050
Sisecam Headquarters Icmeler Mahallesi, D-100 Karayolu Cad. No:44 A
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