Sisecam has finalised its partnership settlement with Turkish expertise firm Icron.
Subsidiary firm Sisecam Funding bought 3% of shares within the expertise firm for $3 million on the closing of a common assembly held yesterday January 15, 2024.
Concurrently with the share buy, it was additionally determined to extend Icron’s whole capital by $5 million, with participation solely by Sisecam Funding. Because of this capital enhance, Sisecam Funding’s stake in Icron will rise to fifteen.66%.
Sisecam signed a letter of intent to put money into Icron within the first half of 2023 after which in October reached a partnership settlement with the organisation.
Below the settlement accredited by the Turkish Competitors Authority, Sisecam additionally holds an choice to buy extra shares in Icron – permitting it to lift its whole stake within the firm as much as 49% – sooner or later.
Sisecam’s purpose with the partnership, its first funding in software program applied sciences, is to develop in tandem with Icron.
The Common Assembly was attended by Sisecam Chairman and Govt Member of the Board Prof. Dr. Ahmet Kırman, Sisecam CEO Görkem Elverici, Icron Founding Accomplice A. Tamer Ünal, its Chairman and CEO Gürer Ünal and its Board Member Ahmet Ertuğrul.