IDC to acquire port management

IDC to acquire port management

Izmir Demir Celik (IDC), one of the major steel manufacturers with 1.5 million tons annual capacity in Izmir, Turkey is buying 73.8% IDC Port Management shares from Isbank for $26.6 million. Besides, the bank is buying 26% Netas shares for $25 million and 11% Asmas shares for $1'725'000 from IDC. With the transaction, the bank will no longer have any shares of the port management. IDC aims at improving the profitability of the port by taking over the management.