Soda Sanayii AS

MSCI announced that Sisecam <SISE TI> will be added to MSCI Turkey index as of 1st of October, 2020 at a date when the Sisecam merger process is expected to be completed. Sisecam was dropped from the MSCI Turkey index on November 2019. The significance of this addition is passive investors’ appetite in both Turkey and across the world will increase to the stock. The deadline to execute the exit right is over. Sisecam’s subsidiaries Anadolu Cam <ANACM TI>, Trakya Cam <TRKCM TI>, Soda Sanayii <SODA TI> and Denizli Cam <DENCM TI> will be de-listed and Sisecam will be traded only as of 1st of October, 2020. Based on recent prices, holding SISE’s subsidiaries is 2.

Sisecam <SISE TI> merger process is expected to be completed by 30 September 2020. According to the company announcement, merger process is expected to be completed and Sisecam <SISE TI> subsidiaries (ANACM,TRKCM, SODA,DENCM) will be de-listed as of 1st of October. Sisecam <SISE TI> will continue to be traded on BIST. Holding ANACM , SODA and TRKCM until merger is still favorable. Holding ANACM, SODA and TRKCM is 1.6%, %1.7 and %1.1 more advantageous. SISE trades at 4.8% discount compared to its NAV. We keep SISE in our top pick list with 12M TP of TL9.