Vestel Elektronik Sanayi ve Ticaret AŞ signed a Corporate Governance Principles Compliance Rating Agreement with SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri AŞ on August 8, 2025 for the renewal of the Company's corporate governance rating. The term of the agreement is one year.
The second coupon payment amounting to TL 90,422,250 on the TL 750,000,000 nominally valued corporate bond which was sold to qualified investors on January 29, 2025 with a maturity of 379 days and trades with the ISIN Code of TRSVSTL22610 , was made as of today. The interest rate for the third coupon payment has been set as 12.9106%.
Pursuant to our material event disclosure dated 11.03.2025, the Capital Markets Board's ("CMB") approval for the planned debt issue was announced in the CMB's bulletin dated 17.07.2025 and numbered 2025/39 and notified to the Company on 22.07.2025.
In relation to our material event disclosure dated September 18, 2024 regarding the letter of intent signed for the acquisition of certain shares of Vidaa (Netherlands) International Holdings B.V. ("Vidaa B.V."), a subsidiary of Hisense Co., Ltd. the world's second largest and China's largest TV manufacturer, which incorporates the TV operating system and broadcasting platform VIDAA;
On July 11, 2025 (today), a Share Subscription Agreement was signed between our 100% indirect subsidiary, Vestel Holland B.V. ("Vestel Holland") and Vidaa (Netherlands) International Holdings B.V. ("Vidaa B.V.") for the purchase of 842,602 newly issued shares as part of a capital increase in Vidaa B.V. together with a Shareholders' Agreement executed among the parties, and the share purchase price will be paid with deferred payments under the guarantee of Vestel Holland.
Furthermore, a platform revenue agreement has been signed between our Company and Vidaa USA, Inc., a wholly-owned subsidiary of Vidaa B.V., for sharing of platform revenues of Vidaa to be generated from the sales of TVs with Vidaa platform with our Company.
Vestel Elektronik Sanayi ve Ticaret AŞ completed the sale of a TL 162,480,000 commercial paper with fixed coupon payment with a maturity of 166 days to domestic qualified investors, the transfer of the securities to the customer accounts will be completed today.The debt instrument offers an annual simple interest rate of 53%. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
TL 224,000,000 nominally valued Commercial Paper, which was sold to qualified investors on December 12, 2024 with a maturity of 183 days and with the ISIN Code of TRFVSTL62514, was redeemed as of today (June 13, 2025) with completion of th coupon payment amounting to TL 56,153,440 and the principal payment of TL 224,000,000.
International rating agency Fitch Ratings revised our Company's Long-Term Local- and Foreign-Currency Issuer Default Ratings (IDR) to ‘B-' from 'B+'. The instrument rating of the senior unsecured bonds issued by our company amounting to USD 500 million with a maturity of 2029 has been revised from "B+" to "B-". The outlooks of the ratings is "Negative".
At the ordinary general assembly meeting of our company dated May 22, 2025, the amendment to the articles of association regarding the extension of the existing registered capital ceiling was approved and registered on 28.05.2025.
The Board of Directors of Vestel Elektronik Sanayi ve Ticaret Anonim Şirketi has taken the following decisions.
1- To elect Mr.Emin Ataç, Independent Board Member, as the Chairperson and Mr. Adnan Yıldırım, Independent Board Member, and Ms. Ayça Ersoy, Investor Relations Department Responsible, as the Committee members to carry out the activities of the Corporate Governance Committee,
2- To elect Mr. Adnan Yıldırım, Independent Board Member, as the Chairperson and Ms.Ayşe Botan Berker, Independent Board Member, as the Committee member to carry out the activities of the Audit Committee,
3- To elect Ms.Ayşe Botan Berker, Independent Board Member, as the Chairperson and Mr. Adnan Yıldırım, Independent Board Member, as the Committee member to carry out the activities of the Early Detection of Risk Committee,
4- To elect Mr.Emin Ataç, Independent Board Member, as the Chairperson and Mr. Bekir Cem Köksal, Board Member, as the Committee members to carry out the activities of the Strategy, Investment and R&D Committee,
5- To elect Mr. Emin Ataç, Independent Board Member, as the Chairperson and Mr. Bekir Cem Köksal, Board Member,, as the Committee member to carry out the activities of the Sustainability Committee.
At the ordinary general assembly meeting of our company dated May 22, 2025, the amendment to the articles of association regarding the extension of the existing registered capital ceiling was approved and registered on 28.05.2025.