Kap Notices

Due to an organizational change, Mr. Özgün Döşemeciler, who has been working at Vestel Group of Companies since June 5, 2006 and was an R&D Manager at the Tumble Dryer Plant, was appointed as the Deputy General Manager Responsible for the Tumble Dryer Plant as of September 1, 2020. Mr. Serkan Balcı, who has been the Deputy General Manager Responsible for the Washing Machine and Tumble Dryer Plants since January 1, 2020, will continue to serve as the Deputy General Manager Responsible for the Washing Machine Plants.

Vestel Elektronik Sanayi ve Ticaret AŞ sold 18,365 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (Vestel Beyaz Eşya) shares within a price range of TL 25.90-26.08 per share on Borsa Istanbul on September 3, 2020. Following the transaction, the Company's share in Vestel Beyaz Eşya declined to 92.53%.

The conclusion section of the "Report on Common and Continuous Transactions" between Vestel Beyaz Eşya Sanayi ve Ticaret AŞ and its related parties, which was prepared in accordance with the Article 10 of the CMB’s Communiqué on Corporate Governance No. II-17.1, is provided below:

Within the context of the Company’s financial planning for the year 2020, total revenues to be generated by Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (“Company”) from the sale of products to Vestel Ticaret AŞ in 2020 are foreseen to exceed 10% of the Company’s revenues reported in its latest annual financial statements. It is concluded that the terms of the sales transactions to Vestel Ticaret AŞ are compatible with previous years and are reasonable when compared with the market conditions.

Pursuant to the Article 4.2.8 of the Capital Markets Board’s Communiqué on Corporate Governance, Vestel Beyaz Eşya has renewed its existing Directors and Officers Liability Policy for one year. The annual insurance limit of the policy exceeds 25% of the Company’s share capital.

Decisions taken in the Vestel Beyaz Eşya Sanayi ve Ticaret AŞ's Annual General Meeting for the year 2019, which was held on June 30, 2020, has been registered by Istanbul Trade Registry Office on July 7, 2020.

Vestel Beyaz Eşya reported TL 3,510 mn (EUR 493 mn) of sales revenues and TL 351 mn (EUR 49.2 mn) of net profit in 1H20.

Click here for the 1H20 CMB financials.

At its meeting on 30.06.2020, the Company’s Board of Directors resolved to;

• Appoint Mr. Bekir Ağırdır, Independent Member of the Board, as the Chairman of the Corporate Governance Committee and Mr. Olgun Zorlu, Board Member, and Ms. Serap Mutlu, Investor Relations Director, as the Committee members,
• Appoint Mr. Elmas Melih Araz, Independent Member of the Board, as the Chairman of the Audit Committee and Mr. Bekir Ağırdır, Independent Member of the Board, as the Committee Member,
• Appoint Mr. Elmas Melih Araz, Independent Member of the Board, as the Chairman of the Early Detection of Risk Committee and Mrs. Şule Cümbüş, Board Member, as the Committee Member.

Pursuant to our material event disclosure dated 03.06.2020, the Board of Directors’ proposal for dividend distribution for the year 2019 has been accepted at the Company’s 2019 Annual General Meeting.

Pursuant to our material event disclosure dated 03.06.2020, Board of Directors’ proposal regarding the selection of KPMG Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik AŞ as the independent audit firm for auditing the Company’s accounts and transactions in 2020 has been accepted at the Company's 2019 Annual General Meeting.

Vestel Beyaz Eşya Sanayi ve Ticaret AŞ’s Annual General Meeting for the year 2019 was held on 30 June 2020 at 12:00 pm at the address of Levent 199 Büyükdere Caddesi No: 199 34394 Şişli/Istanbul.

Click here for the Minutes of the Meeting.

Click here for the List of Attendees.