Vestel Beyaz Eşya Sanayi ve Ticaret AŞ's Board of Directors took the following decisions at its meeting today:
The management will be authorized to carry out the necessary transactions related with this resolution.
Vestel Beyaz Eşya Sanayi ve Ticaret AŞ's Board of Directors took the following decisions at its meeting today:
The management will be authorized to carry out the necessary transactions related with this resolution.
JCR-Eurasia Rating evaluated “Vestel Beyaz Eşya Sanayi ve Ticaret A.Ş.” in an investment grade category and assigned the ratings on the Long and Short-Term National Scales as ‘AA (Trk)’ and ‘A-1+ (Trk)’, respectively along with the ‘Stable’ outlooks. On the other hand, the Long Term International Foreign and Local Currency Ratings of the Company are mapped as ‘BB+/Negative’, according to JCR-ER’s national-global mapping methodology.
Vestel Elektronik Sanayi ve Ticaret AŞ sold 5,000,000 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ shares at a price of TL 48.3 per share on Borsa Istanbul on February 19, 2021. Following the transaction, Vestel Elektronik Sanayi ve Ticaret AŞ 's share in Vestel Beyaz Eşya Sanayi ve Ticaret AŞ declined to 87.27%.
Pursuant to our material event disclosure dated 31.12.2020, Board of Directors of Vestel Beyaz Eşya decided to initiate a new 3-year investment program to meet the expected growth in business volume in domestic and international markets in the upcoming periods. The Company’s production capacity is planned to be increased by 52% by the end of 2023, with investments to be carried out in Vestel City in Manisa, where Vestel Beyaz Eşya's production facilities are located. The investment program will cover main product groups and will be realized gradually within three years. The investment will be realized with a capex of €160 mn and will be financed by equity and medium / long term project finance loans. Vestel Beyaz Eşya will receive investment incentives such as corporate tax break, customs duty exemption, VAT exemption for the afore-mentioned investment.
Vestel Beyaz Eşya announced sales revenues of TL 9,409 mn (Euro 1,172 mn) and net profit of TL 1,331 mn (Euro 166 mn) in 2020.
Click here for FY20 CMB financials.
Within the framework of our Company's Board of Directors’ decision, Vestel Beyaz Eşya acquired an 122,550.94 sqm land in Manisa Organized Industrial Zone (MOSB) and a building located in 3.000 sqm portion of this land which are owned by its controlling shareholder Vestel Elektronik Sanayi ve Ticaret AŞ for a total consideration of TL 131,810,638.3. The acquisition price for the land was determined in accordance with the value set by the Board of Directors of the Manisa Organized Industrial Zone within the framework of the Article 15 of the Law No. 4562 while the price for the building was determined by negotiation between the parties. The land has been acquired for the planned capacity expansion investments.
Vestel Elektronik Sanayi ve Ticaret AŞ sold 5,000,000 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (Vestel Beyaz Eşya) shares within a price range of TL 32.50-32.72 per share on Borsa Istanbul on November 25, 2020. Following the transaction, the Company's share in Vestel Beyaz Eşya declined to 89.90%.
Vestel Beyaz Eşya reported TL 6,043 mn (EUR 799 mn) of sales revenues and TL 710 mn (EUR 93.9 mn) of net profit in 9M20.
Click here for the 9M20 CMB financials.
Vestel Elektronik’s wholly-owned subsidiary Vestel Ticaret AŞ signed an agreement with Crosslee PLC, a UK based company, for the acquisition of the Hostess ve White Knight business trademarks, intellectual property rights, domain names and some equipment related with these trademarks. The registration process for the transfer of the trademarks is completed in the EU while the process continues in some non-EU countries.
Crosslee PLC is among Vestel’s ODM customers and is one of the key players in the UK household appliances market. Vestel expects to further enhance its presence in the UK market with this acquisition.
Within the scope of the Capital Markets Board’s Communiqué on Material Events Disclosure, the Company’s Board of Directors resolved to postpone the public announcement in order not to adversely affect the brand acquisition process and competition condition and not to weaken the Company’s negotiating power during the process. This disclosure is made as the conditions for the postponement decision have ended.