Sisecam Sode Lukavac

completed

The project is to assist the Turkey based Türkiye Sise ve Cam Fabrikalari A.S. (Sisecam) in the privatization purchase of Fabrika Sode Lukavac (FSL), a state owned synthetic soda ash producer located in the Tuzla Canton of Bosnia and Herzegovina (BiH), and implementation of a capital expenditure program to refurbish and upgrade the operations. The government of the Tuzla Canton, which currently owns 100% of FSL’s equity, has carried out the privatization by forming a new company called Sisecam Sode Lukavac (SSL) to which FSL is transferring its soda ash assets. 80% of SSL’s shares have been sold to Soda Sanayii A.S. (Soda Sanayii), which is the chemicals arm of Sisecam, while the balance 20% shares are with FSL. The total project cost is estimated to be about $65 million, of which $31.3 million is towards the purchase of SSL’s equity and the balance $37.7 million is towards the refurbishment of the soda ash operations and working capital.