Vestel Elektronik Sanayi ve Ticaret AŞ's stand-alone income statement for the period 01.01.2023 - 30.06.2023, which has been submitted to the Tax Authority in accordance with the Tax Procedure Law, can be found in the attachment. The aforementioned income statement is not prepared in accordance with the Capital Markets Board's ("CMB") legislation. Since the financials of the Company's subsidiaries and associates are not included in the attached Financial Statement, these results may vary from the Consolidated Financial Statements prepared in accordance with the CMB regulations to be released in the upcoming days, and should not be used for forecasting the Company's Consolidated Financial Statements.
Vestel Elektronik Sanayi ve Ticaret AŞ sold 32,000,000 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ shares within a price range of TL 14.80 – TL 15.04 per share on Borsa Istanbul via block trades to institutional investors on August 14, 2023. Following the transaction, the Company's share in Vestel Beyaz Eşya Sanayi ve Ticaret AŞ declined to 77.33%. Our Company commits not to sell any additional Vestel Beyaz Eşya shares for 180 days following this transaction.
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, 2023 for the renewal of the Company's corporate governance rating. The term of the agreement is one year.
Vestel Elektronik has announced on December 7, 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 680,000,000 commercial paper with fixed coupon payment with a maturity of 126 days to domestic qualified investors on July 19, 2023. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
TL 280,000,000 nominally valued Coupon Commercial Paper, which was sold to qualified investors on January 25, 2023 with a maturity of 175 days and with the ISIN Code of TRFVSTL72315, was redeemed as of today (July 19, 2023) with completion of the first coupon payment amounting to TL 38,260,320 and the principal payment of TL 280,000,000.
Pursuant to the Article 4.2.8 of the Capital Markets Board's Communiqué on Corporate Governance, Vestel Elektronik 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.
Pursuant to the Board of Directors' resolution dated 23.06.2023, Vestel Elektronik Sanayi ve Ticaret AŞ decided to apply to the Capital Markets Board of Türkiye to issue up to TL 2,500,000,000 (two billion five hundred million Turkish Liras) of TL denominated debt instruments in varying terms up to 5 (five) years, in single or multiple tranches, in the form of sales to qualified investors without being offered to the public.
Vestel Elektronik Sanayi ve Ticaret AŞ sold 5,000,000 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ shares within a price range of TL 10.57 – TL 10.70 per share on Borsa Istanbul via block sale to institutional investors on June 23, 2023. Following the transaction, the Company's share in Vestel Beyaz Eşya Sanayi ve Ticaret AŞ declined to 79.33%.
Zorlu Holding AŞ sold Vestel Elektronik Sanayi ve Ticaret AŞ ("Vestel Elektronik") shares with a nominal value of TL546,000 at a price of TL43.5 per share via block sale on Borsa Istanbul on June 22, 2023. Following the transaction, the company’s share in Vestel Elektronik declined to 58.08%.
In line with its smart mobility vision, Vestel Elektronik continues its investments in automotive electronics applications, electric vehicle chargers and battery solutions. The Company's application for the Digital Transformation call under the Technology Oriented Industry Action Programme of the Ministry of Industry and Technology of Türkiye for its automotive investments planned to be undertaken in its existing facilities in Manisa Organized Industrial Zone has been accepted and accordingly, Vestel Elektronik received an investment incentive certificate as of June 2023 for its Automotive Display Solutions and Connectivity Devices project.
The aim of the project is to develop display equipment for in-vehicle infotainment (IVI), automotive boards and mobility products. The duration of the project is 52 months.
The incentives provided under the Investment Incentive Certificate are as follows (Category: Strategic Investments).
a. VAT Exemption and Refund
b. Customs Duty Exemption
c. Corporate Tax Reduction
d. Social Security Premium Employer's Share Support
e. Social Security Premium Employee's Share Support
f. Income Tax Withholding Support
g. Interest or Dividend Support
Vestel Elektronik aims to expand its investments in the automotive sector in line with its evolving customer portfolio and product range.