Turkish confectioner Ulker Biskuvi announced on April 13 that it has secured a three-year syndicated loan in two tranches of $136mn and €225mn.
“Some portion of the loan facility will be utilised to refinance the loan to mature in 2017 and the remaining amount will be used to finance Ulker's operations and regional investments,” the company noted in a filing with the Istanbul Stock Exchange.
In February, Ulker said it had initiated “talks with United Biscuits with regards to the acquisition of a 100% owned IBC facility and its sales and distribution rights for McVities products in the Middle East and North Africa.”
Last month, Ulker agreed to buy Maia International B.V.'s 100% share in Hamle Company, located in Kazakhstan, for $3mn.
Shares in Ulker Biskuvi, which is controlled by one of Turkey’s largest food groups Yildiz Holding, fell sharply on the first trading day of April after an April Fools’ Day ad was perceived to have included references to a military coup.
Shares in Ulker, which is controlled by Yildiz Holding, fell 4.3%, from TRY18.46 on March 31 to TRY17.66 on April 7. They were trading at TRY18.18 as of 10am Istanbul time on April 14.
Ulker Biskuvi produces popular brands including Topkapi chocolate, Silivri and Gebze biscuits and Esenyurt cakes at its factories in Ankara and Istanbul. It also has production facilities in Egypt and Saudi Arabia.
Related Articles
Turkey ups steel exports 28% in 2024 driven by EU shipments, US takes just small percentage
Turkey upped its steel exports by 27.6% y/y in 2024 to 13.4mn tonnes, according to the Turkish Steel Association (TCUD). Growth was driven by shipments to the European Union (5.9mn tonnes, up ... more
TPAO arm contracts Subsea7 for Sakarya gas field work offshore Turkey
Turkish Petroleum Offshore Technology Centre AS (TP-OTC) has contracted international offshore service provider Subsea7 to provide inspection, repair and maintenance (IRM) services at the Sakarya ... more
Turkish firm Bonysocks earmarks $50mn to build Egyptian factory
Turkish socks manufacturing company Bonysocks plans to invest $50mn to build a new factory in Egypt, Al Ahram reported on January 12 citing the Turkish Ambassador in Cairo, Salih Mutlu Şen. ... ... more