Turkish firm Ciner buys stake in OCI Resources

OCI Enterprises Inc, the US-based subsidiary of South Korea’s OCI Company Ltd, has signed a definitive agreement to sell its approximately 73 percent limited partner interest in OCI Resources LP, 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. In June 2015, OCI Enterprises Inc had announced it was evaluating strategic alternatives for its stake in OCI Resources.
 
Following the transaction, OCI Resources will continue to operate as a publicly traded Master Limited Partnership with the current management team remaining with the Partnership. The transaction does not involve the sale or purchase of any OCI Resources common units held by the public.
 
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close by the end of the third quarter 2015.
 
OCI Resources owns a controlling interest comprised of a 51 percent membership interest in OCI Wyoming LLC, 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.