WE Soda to commence process of delisting Şişecam Resources LP from the New York Stock Exchange
2 February 2023
WE Soda Ltd, (“WE Soda”) the world’s largest producer of natural soda ash, notes the press release made by Şişecam Resources LP ("SIRE" or the “Company”) and Şişecam Chemicals Resources LLC ("SCR") on 1 February 2023, announcing that they have agreed to commence the process of delisting SIRE from the New York Stock Exchange, through the purchase of SIRE’s remaining publicly held shares, (the “Transaction”).
According to the agreement reached with the approval of the majority shareholder, the remaining publicly held shares of SIRE will be purchased at a price of USD 25 per share and after the completion of the related legal procedures, the Company will be delisted. Significant events regarding the Transaction will be announced to the public in accordance with the Capital Market Board legislation. The transaction is expected to close on or prior to 30 July 2023, subject to customary closing conditions.
The full press release from SIRE and SCR can be found here: Şişecam Resources LP to be Acquired by Sisecam Chemicals Wyoming LLC | Business Wire
Background to WE Soda’s shareholding in SIRE
Following the transfer of 60% of its shares in Ciner Resources Corporation (subsequently renamed as Şişecam Chemical Resources Corporation “SRC’) to Şişecam Chemicals USA Inc., a subsidiary of Turkiye Sise ve Cam Fabrikalari A.S. of Istanbul, Turkey (“Şişecam”), on 22 December 2021, WE Soda has retained a 40% indirect shareholding interest in SCR via its US subsidiary Ciner Enterprises Inc. Upon closing of the Transaction, WE Soda will have a 40% indirect, non-controlling interest in SIRE.
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