Sabancı Holding, which operates in the cigarette sector in Turkey with the products of the international tobacco company Philip Morris International, said goodbye to the sector by transferring its shares in PHILSA and PMSA. Sabancı Holding announced that the shares were transferred for TL 2.74 billion.
Philsa includes Philip Morris Sabancı Cigarettes and Tobacco (PHILSA) and Philip Morissa Philip Morris Sabancı Marketing and Sales (PMSA) companies. Sabanci Holdingmade a remarkable move in October. On October 6, 2021, the Holding applied to the Competition Authority to complete the transfer of all of its shares in the capital of these companies to Philip Morris Products SA and/or its affiliates.
The Competition Board authorized the said transaction at its meeting on December 24, 2021, and Sabancı Holding’s exit from the cigarette industry was finalized. Holding, in a statement to the Public Disclosure Platform today, all of its shares in the capital of the companies in question, For a transfer fee of TL 2.74 billion He announced that he was selling it to Philip Morris.
30-year partnership ended
In its statement, Sabancı Holding stated that all shares with a nominal value of TL 750 thousand, representing 25% of PHILSA’s capital, and all shares with a nominal value of TL 173,250, representing 24.75% of PMSA’s capital, for TL 2,747,308,823 after the adjustments on the closing date. It was transferred to Philip Morris on January 5, 2022. expressed.
The company also stated that it effectively uses derivative instruments against fluctuations in exchange rates and various market risks. In this context, specific to the sale transaction of PHILSA and PMSA shares. financial transactions to hedge against exchange rate risk. It was stated that (hedging) was carried out. 88% of the transfer price of PHILSA and PMSA shares is paid by forward contracts. 9.3249 TL/USD at the average exchange rate declared hedging.
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While it was stated that the transfer price will be subject to some predetermined adjustments according to the independently audited 2021 financial results of PHILSA and PMSA, it was added that the final transfer price will be announced to the public after these adjustments. Sabancı Holding has completely withdrawn from cigarettes by selling its shares in PHILSA and PMSA. Philip Morris and Sabancı Holding, He has been in partnership for over 30 years.
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