Effective as of 19 January 2026, Mr. Gökhan Sığın has been appointed as CEO of Vestel Group of Companies. A short biography is presented below.
This is respectfully submitted for the information of the public.
Mr. Gökhan Sığın holds a Bachelor's degree in Mechanical Engineering from Boğaziçi University and an MBA degree from the University of Bristol, United Kingdom. He began his professional career in 1997 as Assistant Project Manager at Lister Peter Motor Company. After joining BSH in 1999, he assumed senior executive roles in the fields of planning and sales. During his tenure at BSH, he served as CEO for the Middle East between 2015 and 2018, CEO for Türkiye between 2018 and 2023, and CEO responsible for Emerging Markets between 2023 and 2025.
The Board of Directors of our Company has resolved to accept the resignation of Mr. Mümin Cengiz Ultav from his position as a Member of the Board of Directors, effective as of 30 December 2025, and to appoint Mr. Mehmet Emre Zorlu as a Member of the Board of Directors to fill the vacancy arising from such resignation, to serve until the end of the term of the resigned member and to be submitted for the approval of the shareholders at the first General Assembly meeting to be convened, in accordance with Article 363 of the Turkish Commercial Code No. 6102.
The "Directors and Officers Liability Insurance" currently in effect for the members of our Board of Directors and senior executives has been renewed with a coverage limit exceeding 25% of the Company's capital, in accordance with Article 4.2.8 of the appendix to the Capital Markets Board's Corporate Governance Communiqué.
TL 51,000,000 nominally valued commercial paper, which was sold to qualified investors on 25 August, 2025 with a maturity of 116 days and trades with the ISIN Code of TRFVSTLA2519 , was redeemed as of today (December 19, 2025) with completion of coupon payment amounting to TL 7,455,792 and the principal payment of TL 51,000,000.
340,000,000 nominally valued corporate bond, which was sold to qualified investors on December 5, 2024 with a maturity of 379 days and with the ISIN Code of TRSVSTLA2514, was redeemed as of today (December 19, 2025) with completion of the third coupon payment amounting to TL 14,294,280 and the principal payment of TL 340,000,000.
Vestel Elektronik Sanayi ve Ticaret AŞ completed the sale of a TL 75,930,000 commercial paper with fixed coupon payment with a maturity of 157 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 44,5%.
International rating agency Fitch Ratings revised our Company's Long-Term Local- and Foreign-Currency Issuer Default Ratings (IDR) to ‘CCC+' 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 "CCC".
JCR-Eurasia Rating has assessed the consolidated structure of Vestel Elektronik Sanayi ve Ticaret AŞ and revised its Long-Term National Issuer Rating as "BBB (tr)" with a "Stable" outlook. The Short-Term National Issuer Credit Rating has been maintained as "J2 (tr)" with a "Stable" outlook. The company's Long-Term International Foreign and Local Currency Issuer Ratings and their outlooks have been maintained at "BB / Stable."
The third coupon payment amounting to TL 32,687,010 on the TL 270,000,000 nominally valued corporate bond which was sold to qualified investors on February 26, 2025 with a maturity of 401 days and trades with the ISIN Code of TRSVSTL42618, was made as of today. The interest rate for the fourth coupon payment has been set as 15.2548%.
TL 162,480,000 nominally valued Commercial Paper, which was sold to qualified investors on June 13, 2025 with a maturity of 166 days and with the ISIN Code of TRFVSTLK2525, was redeemed as of today (November 26, 2025) with completion of th coupon payment amounting to TL 39,164,504.16 and the principal payment of TL 162,480,000.