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As stated by the IFC, the proposed investment consists of a subscription of up to US$ 50 million unsecured five-year Eurobond (the Project) into a US$ 300 million issuance of Çimko Çimento ve Beton San. ve Tic. A.S.
The Eurobond proceeds will be used for (i) refinancing of Cimko’s existing short- to medium-term debt derived mainly from acquisition of Sanko Petrokimya, which owns Sanko Port in Adana (Adana Port) in 2024, (ii) capital expenditures for sustainability-focused green investments over 2025-2027 aimed at reducing its carbon footprint, and (iii) general corporate purposes, including upgrades in management information systems and working capital financing (altogether, the Project). In relation to capital expenditures, IFC will be financing Cimko’s energy efficiency (vertical raw mill and transport system), alternative fuels (feeding system), earthquake reinforcement and fire extinguishing system investments in the Adiyaman cement plant (Cimko Adiyaman).
Adana Port (https://sankopetrokimya.com/), a multi-purpose general, container and bulk cargo port, located in Yumurtalik district of Adana/Türkiye, which was constructed by another subsidiary of Sanko Group and commenced operation in 2016 and was acquired by Cimko in 2024. It has a 1.3 km pier length and 250,000 twenty-foot equivalent unit (TEU)/year container handling capacity with ca. nine ha of warehouses and sheltered container freight station operations.
Cimko Adiyaman was acquired by Sanko as a result of a tender launched for privatization of the plant in 1995. The plant has a clinker capacity of some 815,100 ton per annum and ca. 769 ha of limestone, calcareous marl and trass quarries operated by Cimko’s contractors.
Sanko Group and Cimko are longstanding IFC clients since 2006 (Sanko Cement #24757, https://disclosures.ifc.org/project-detail/ERS/24757/sanko-cement; Cimko Cement II #33753, https://disclosures.ifc.org/project-detail/ESRS/33753/cimko-cement-ii; and Sanko Climate #46580, https://disclosures.ifc.org/project-detail/ESRS/46580/sanko-climate). The environmental and social (E&S) performance of these previous investments have been satisfactory.
The Project will be implemented in three cities of Türkiye: (i) Adiyaman and Kahramanmaras, two cities in Southeastern Türkiye that were hit hard by the two February 2023 earthquakes, and (ii) Bartin, in Northern Türkiye.
As stated by the IFC, the Project cost is US$300 million and was partially funded by the subscription of US$50 million for IFC’s own account. The remaining funding was provided by development finance institutions including EBRD and Finance in Motion and other investors.
As stated by the IFC, Cimko, a leading Turkish cement producer is owned by Sanko Holding A.S. which is a 120-year old Turkish conglomerate operating mainly in the textile, energy, construction, packaging, cement and real estate sectors.
Sanko Holding, ultimately owned by the Konukoglu Family, is Cimko’s main shareholder.
Private Actor 1 | Private Actor 1 Role | Private Actor 1 Sector | Relation | Private Actor 2 | Private Actor 2 Role | Private Actor 2 Sector |
---|---|---|---|---|---|---|
Sanko Holding AS | Parent Company | Industry and Trade | owns | Cimko Cimento Ve Beton Sanayi Ve Ticaret A.S. | Client | Industry and Trade |
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Parent Company - Sanko Holding A. S.:
Ms. Özde Demirtürk - Director, Sustainable Finance
Phone: +90 342 211 30 00 (Pbx)
Email: ozde.demirturk@sanko.com.tr
Address: Ibrahimli Mahallesi Sanko Sokak, Sanko Holding Yönetim Binasi Sitesi No:12/A, Sehitkamil/ Gaziantep TÜRKIYE
Website: www.sanko.com.tr
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