ISTANBUL, June 13 (Reuters) - Baticim, a unit of Turkish conglomerate Bati Anadolu Group, is looking to sell a stake of up to 75% in cement manufacturer Batisoke, according to a source close to the process and a document seen by Reuters.
Turkish financial services group Unlu&Co has been appointed to handle the sale, the source said, speaking on condition of anonymity.
Batisoke has a market capitalisation of 349 million Turkish lira ($59 million), according to Refinitiv Eikon data.
Baticim was not immediately available for comment. Unlu&Co declined to comment.
Bati Anadolu Group also has interests in energy production, port operations and other concrete production sectors.
The document sent to potential buyers said due diligence for binding and non-binding offers planned to be completed in July to September.
It said Batisoke was projected to make earnings before interest, tax, depreciation and amortisation (EBITDA) of $14 million in its 2019-20 financial year.
Batisoke made a net loss of 59.4 million lira and revenue of 115.9 million lira in the first quarter, according to its financial statements.
Turkey’s cement industry is suffering from over-capacity as domestic demand slows. Capacity usage has fallen 10.6 percentage points in the last four years to 53.4%, according to data from Turkey’s Cement Industry Association.
Last year, Turkish conglomerate Sabanci Group mandated Unlu&Co to sell cement producers Kayseri Cimento, Nigde Cimento and Ladik Cimento.
$1 = 5.8812 liras Additional reporting by Eylul Aktan; Writing by Ezgi Erkoyun; Editing by Mark Potter