Söktaş Tekstil, one of Türkiye’s well-established brands in cotton and cotton-blend shirting fabric production, announced that the sale of Efeler Çiftliği Tarım ve Hayvancılık Anonim Şirketi (“Efeler Çiftliği”) was completed with the share transfer on December 25, 2024. With the revenue of USD 17.5 million obtained from the sale of Efeler Çiftliği, Söktaş Tekstil announced that it has closed the consortium loans, a portion of its long-term loans, Efeler Çiftliği’s bank loan and other financing debts. It was stated that the remaining portion of the revenue will be used to meet the working capital needs and that the sale is expected to have a positive impact on Söktaş’s financial performance and financial efficiency starting from 2025.
On October 17, the company announced that a non-binding Preliminary Agreement containing basic provisions had been signed between Altınmarka Gıda Sanayi ve Ticaret A.Ş., Efeler Çiftliği and Söktaş Tekstil for the purpose of selling and transferring all of its shares in Efeler Çiftliği Tarım ve Hayvancılık Anonim Şirketi (“Efeler Çiftliği”) together with all of its rights and obligations for a total sales price of 17,500,000 (seventeen million five hundred thousand) US Dollars.
Söktaş Tekstil cleared the consortium loan of 7 million euros and 7 million TL with the sales revenue
On December 6, a share sales agreement was signed between Altınmarka Gıda Sanayi ve Ticaret A.Ş., Efeler Çiftliği and Söktaş Tekstil and it was stated that the sales process would be completed after obtaining the necessary permits from public institutions within the framework of the relevant legislation. The notification stated that “A payment of 17.5 million USD was received for the sale, and with this amount, the consortium loan of Söktaş Tekstil Sanayi ve Ticaret A.Ş. in the amounts of 7,172,488.66 EUR and 7,079,215.00 TL and the long-term loan of 266,666.70 EUR were closed together with the interests.”
Söktaş, which entered the list of Türkiye’s most valuable brands in 2017, purchased the archives, European and US rights of the leading Italian shirting fabric brand TESTA in 2022 and started offering stock service and seasonal collections. The company’s Meander 71 Cotton, which was developed in 2011 as a result of cooperation with the Turkish Cotton Research Institute and grown on its own farms, took its place in the market as a competitor to the Egyptian Giza variety with its fine silky fibers.