OCI Enterprises sells OCI Resources 75 pc stake Ciner Group

OCI Enterprises sells OCI Resources 75 pc stake to Ciner Group

5:48 AM, 21st July 2015
OCI Enterprises sells OCI Resources 75 pc stake to Ciner Group

ATLANTA, US: OCI Enterprises Inc, the North American subsidiary of OCI Company Ltd (OCI) of Seoul, Korea, has signed a definitive agreement to sell its approximately 73 percent limited partner interest in OCI Resources LP (OCI Resources), as well as its 2 percent general partner interest and related incentive distribution rights, to Park Holding AS, a subsidiary of Ciner Group of Istanbul, Turkey.

The transaction is expected to close by the end of the third quarter 2015.

OCI Resources will continue to operate as a publicly traded master limited partnership with the current management team remaining with the company.

OCI Resources owns a controlling interest comprised of a 51 percent membership interest in OCI Wyoming LLC (OCI Wyoming), one of the largest and lowest-cost producers of natural soda ash in the world. Ciner Group, through its subsidiary, Eti Soda, operates a natural soda ash production facility in the world’s second largest trona ore bed located in Beypazarri, Turkey, OCI said.

“We are really excited about our new strategic relationship with Ciner Group and their desire to help us expedite the growth of our MLP. We think there will be numerous opportunities to leverage their expertise to help us grow our cash flow,” said Kirk Milling, president and CEO, OCI Resources.

“With its position in markets that are complementary to ours, OCI Resources brings solid operational and financial performance as well as industry-leading safety performance,” said Turgay Ciner, chairman, Ciner Group.

In June 2015, OCI Enterprises Inc announced it was evaluating strategic alternatives for its stake in OCI Resources.

Citi acted as financial advisor, Dechert LLP served as legal advisor to OCI Enterprises Inc and White & Case LLP served as legal advisor to Ciner Group with the assistance of Regnum Solicitors acting as in-house legal advisor.

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