ISTANBUL (Turkey), August 25 (SeeNews) – Turkish builder Enka Insaat [BIST:ENKAI] said on Monday it has sold its 81.23% stake in local PVC window producer Pimas Plastik Insaat Malzemeleri [BIST:PIMAS] to Belgian PVC window systems maker Deceuninck for 57.7 million Turkish lira ($26.5 million/20.1 million euro).
The transaction is subject to the approval of Turkey’s competition regulator, Enka Insaat said in a bourse filing.
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Enka Insaat will book a 29 million lira loss from the divestment of its stake in Pimas.
In a separate statement on Monday Deceuninck said it will launch a mandatory public offer for the remaining shares of Pimas after the closing of the transaction.
Pimas has factories in the Turkish city of Gebze and in Russia's Rostov-on-Don. The company generated 174 million lira in sales in the last 12 months through June 30 with earnings before interest, taxes, depreciation and amortization (EBITDA) of 15.77 million lira, said Deceuninck adding that with the acquisition it becomes the leader in Europe’s second largest PVC window market.
(1 euro = 2.8742 Turkish lira)