Bor Şeker Signs Agreement for the Purchase of Machinery and Equipment Worth $7.2 Million
Foreks - Bor Şeker has reached an agreement for the purchase of machines and equipment valued at $7.2 million for its planned ethanol production facility. According to the statement made by Bor Şeker to the Public Disclosure Platform, an agreement has been reached with Redoks Analitik Cihazlar AŞ for the purchase of machines and equipment within the facility for a contract value of $7.2 million plus VAT on November 11, 2024, aiming to increase ethanol production in Turkey and support the use of this raw material in the medical, cosmetic, and cleaning sectors.
Approval will be sought from the Competition Authority for the transfer, which will take place after obtaining the necessary permission. The statement continued: "With this investment, ethanol imports will decrease and contribute to the national economy. Our company will create added value by using molasses, a by-product of sugar production, as raw material for ethanol production. Additionally, the tailings from production will be evaluated as raw material for liquid-organic fertilizers. A system will be established integrated with electricity generated from solar power plants, pursuing an environmentally friendly and sustainable production policy. This investment is expected to strengthen our company's financial position while contributing to the national economy and creating export opportunities.
On November 11, 2024, considering that the processes related to the investment plan have not yet been completed, the potential for a special situation announcement at this stage to lead to doubts and uncertainties in our company's relations with stakeholders, the risk of fluctuations in stock value due to the announcement, and the possibility of investor grievances in case of adverse outcomes, necessary measures regarding the confidentiality of the information have been taken. Therefore, the board of directors has decided to postpone the public disclosure of insider information under Article 6 of the CMB II-15.1 Communiqué on Special Situations, titled "Postponement of Public Disclosure of Insider Information." Since the reasons for the mentioned postponement have been resolved, there is no longer any obstacle to sharing with the public.