Vestel Elektronik has announced on August 28, 2023 that the Capital Markets Board had approved the Company's application to issue TL denominated debt instruments up to a nominal value of TL 2,500,000,000 and with a maximum maturity of 5 years for sale in single or multiple tranches to qualified investors in the domestic market. Within this scope, the Company completed the sale of a TL 500,000,000 commercial paper with floating coupon payments with a maturity of 283 days to domestic qualified investors on September 18, 2023. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
Mr. Murat Sarpel, the General Manager of Vestel Elektronik Sanayi ve Ticaret AŞ, will resign from his position due to retirement as of September 30, 2023. He will be replaced by Mr. Ender Yüksel, who is currently the Deputy General Manager Responsible for Planning and Logistics at Vestel Elektronik. Mr. Yüksel graduated from the Department of Electrical and Electronics Engineering at Middle East Technical University and served as Manager and Deputy General Manager at Vestel Elektronik's R&D and Procurement Departments between 1995 and 2014 and has been serving in his current position at Vestel Elektronik's Planning & Logistics Department since 2014.
In line with Vestel Elektronik's long-term growth targets and strategies, the new business units, namely "Automotive Electronics, Electric Vehicle Charging Stations, Battery Packaging and Energy Storage Systems" which are currently under the umbrella of the General Directorate of Vestel Elektronik Sanayi ve Ticaret AŞ, will be gathered under a separate General Management in order to provide a distinct perspective and focus. For this purpose, a new General Directorate named "Vestel Mobility Electronics" is established in the Company, and Mr. Hakan Kutlu, who is currently the Deputy General Manager responsible for TV, Digital Display Solutions, Set-Top Box and Telecommunications at the R&D Department of Vestel Elektronik, will be appointed as the General Manager. Mr. Kutlu holds bachelor's degree from the Electrical and Electronics Engineering Department of Bilkent University and master's degrees in Business Administration from Middle East Technical University and in Quality Management from Sunderland University. He served as Manager and Deputy General Manager at the Foreign Trade Department of Vestel Ticaret AŞ between 2000 and 2019 and has been serving in his current position at the R&D Department of Vestel Elektronik since 2020.
Mr. Ali Tarkan Tekcan, the General Manager Responsible for Customer Services at Vestel Ticaret AŞ, will resign from his position due to retirement as of September 30, 2023. He will be replaced by Mr. Özgür Yılmaz who is currently the Deputy General Manager Responsible for Purchasing at Vestel Beyaz Eşya Sanayi ve Ticaret AŞ. Mr. Yılmaz graduated from the Department of Mechanical Engineering at Middle East Technical University and has served as Engineer, Manager and Deputy General Manager at the Washing Machine Plant of Vestel Beyaz Eşya between 2002 and 2019 and has been the Deputy General Manager of Purchasing at Vestel Beyaz Eşya since 2020.
Vestel Elektronik has announced on August 28, 2023 that the Capital Markets Board had approved the Company's application to issue TL denominated debt instruments up to a nominal value of TL 2,500,000,000 and with a maximum maturity of 5 years for sale in single or multiple tranches to qualified investors in the domestic market. Within this scope, the Company completed the sale of a TL 300,000,000 commercial paper with floating coupon payments with a maturity of 265 days to domestic qualified investors on September 15, 2023. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
Pursuant to our material event disclosure dated June 1, 2023, Mr. Enis Turan Erdoğan, the CEO of Vestel Group of Companies, will leave his post due to retirement as of August 31, 2023. Mr. Erdal Haspolat, who was indicated to take over the CEO role in the same disclosure, has informed that he will not be able to assume this role due to health issues and will resign from his position at Vestel Group of Companies as of August 31, 2023.
As of September 1, 2023, Mr. Ergün Güler, who is currently the General Manager responsible for Domestic Sales and Marketing at Vestel Ticaret AŞ, will be appointed as the new CEO of Vestel Group of Companies. Mr. Güler, who joined Vestel as a specialist in 1999, has held positions in finance and sales and marketing departments at Vestel Group of Companies in manager, deputy general manager and general manager roles during his 24-year career.
Mr. Hasan Uğur, who joined Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (Vestel Beyaz Eşya) in 2005 and has served as engineer, manager and deputy general manager at the company, respectively will be named the new General Manager of Vestel Beyaz Eşya as of September 1, 2023 to replace Mr. Erdal Haspolat.
Pursuant to our material event disclosure dated 23.06.2023, the Capital Markets Board's ("CMB") approval for the planned debt issue was announced in the CMB's bulletin dated 24.08.2023 and numbered 2023/50. The approved issuance certificate, its annex and signed application form are presented in the attachment.
Vestel Elektronik has announced on December 05, 2022 that the Capital Markets Board had approved the Company's application to issue TL denominated debt instruments up to a nominal value of TL 1,500,000,000 and with a maximum maturity of 5 years for sale in single or multiple tranches to qualified investors in the domestic market. Within this scope, the Company completed the sale of a TL 190,000,000 commercial paper with floating coupon payments with a maturity of 362 days to domestic qualified investors on August 25, 2023. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
TL 30,000,000 nominally valued corporate bond, which was sold to qualified investors on August 1, 2022 with a maturity of 389 days and with the ISIN Code of TRSVSTL82317, was redeemed as of today (August 25, 2023) with completion of the fourth coupon payment amounting to TL 3,497,280 and the principal payment of TL 30,000,000.
TL 61,000,000 nominally valued corporate bond, which was sold to qualified investors on August 25, 2022 with a maturity of 365 days and with the ISIN Code of TRSVSTL82325, was redeemed as of today (August 25, 2023) with completion of the fourth coupon payment amounting to TL 4,920,138 and the principal payment of TL 61,000,000.
TL 230,000,000 nominally valued Coupon Commercial Paper, which was sold to qualified investors on April 12, 2023 with a maturity of 135 days and with the ISIN Code of TRFVSTL82314, was redeemed as of today (August 25, 2023) with completion of the first coupon payment amounting to TL 28,923,420 and the principal payment of TL 230,000,000.
Vestel Elektronik reported TL 37,387 mn (US$ 1,898 mn) of sales revenues and TL 680 mn (US$ 35 mn) of net loss for 1H23.
Click here for the 1H23 CMB financials