Pursuant to our material event disclosures dated 13.07.2017 and 10.10.2017; as part of its investment strategy, Vestel Elektronik decided to abondon it plans to sell up to 5% share in Vestel Beyaz Eşya Sanayi ve Ticaret AŞ as per the “Memorandum of Information”, which which was prepared for the planned share sales and approved by the Capital Markets Board on October 10, 2017. Vestel Elektronik Sanayi ve Ticaret AŞ will make the necessary public announcements on future transactions in Vestel Beyaz Eşya shares, which could be realized depending on the Company’s investment strategy.
Pursuant to our material event disclosure dated 27.12.2016, Vestel Beyaz Eşya has started mass production of dryers at its new manufacturing facility, which has a production capacity of 750,000 washing machines and 750,000 dryers per year, as of May, 2018 following the completion of trial production runs, which started in April, 2018. Currently, the Company is undertaking trial production for washing machines, which are expected to go into mass production in June, 2018.
Vestel Beyaz Eşya Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for 2017, which was held on May 9, 2018, has been registered by İstanbul Trade Registry Office on May 21, 2018.
At its meeting on 10.05.2018, the Company’s Board of Directors resolved to
At its meeting held on 10.05.2018; the Company’s Board of Directors resolved to elect Mr. Ahmet Nazif Zorlu as the Chairman of the Board, Mr. Elmas Melih Araz as the Vice Chairman and Mr. Olgun Zorlu, Mrs. Şule Cümbüş, Mr. İzzet Güvenir, Mr. Bekir Ağırdır and Ms. Ayşegül İldeniz as the other members of the Board.
Vestel Beyaz Eşya Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2017 was held on May 9, 2018 at 12:00 pm at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/Istanbul.
Click here for the Minutes of the Meeting.
Click here for the List of Attendees.
Pursuant to our material event disclosure dated 11.04.2018, Board of Directors’ proposal for dividend distribution for 2017 has been accepted at the Company’s 2017 Ordinary General Assembly Meeting.
Pursuant to our material event disclosure dated 11.04.2018, Board of Directors’ proposal regarding selection of PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi as the independent audit firm has been accepted at the Ordinary General Assembly Meeting.
Vestel Beyaz Eşya reported TL 1,041 mn (EUR 222 mn) of sales revenues and TL 84.4 mn (EUR 18 mn) of net profit for 1Q18.
Click here for the 1Q18 CMB financials.
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 2018, total revenues to be generated by Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (“Company”) from the sale of products to Vestel Ticaret AŞ in 2018 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 the previous years and are reasonable when compared with market conditions.