Turkey’s Army Pension Fund OYAK Sells Two Stakes to Taiwan Cement (original) (raw)

Turkey’s Army Pension Fund, OYAK, has reached a preliminary agreement to sell its stakes in two cement firms to Taiwan Cement Corp. for a total of about 673 million euros.

The fund said in a statement late on Monday it would sell a 20% stake in Oyak Denizli Cement to Taiwan Cement, valuing the company at 1.3 billion euros ($1.42 billion). Taiwan Cement estimates it will pay 193.4 million euros for the stake, increasing its ownership to 60%, a filing from the Taiwanese company shows.