Vestel Elektronik Sanayi ve Ticaret AŞ's Board of Directors made the following decisions.
Click here for the Agenda.
Vestel Elektronik completed the sale of a TL 600,000,000 commercial paper with fixed coupon payment with a maturity of 147 days to domestic qualified investors, the transfer of the securities to the customer accounts will be completed today. The interest rate of this instrument is 60% annual simple.Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
TL 214,000,000 nominally valued Corporate Bond, which was sold to qualified investors on November 22, 2023 with a maturity of 162 days and with the ISIN Code of TRFVSTL52416, was redeemed as of today (May 2, 2024) with completion of the coupon payment amounting to TL 43,216,444 and the principal payment of TL 214,000,000.
BofA Securities , J.P. Morgan Securities and Emirates NBD Capital have been mandated for selling our Company's bonds to qualified investors outside Turkey within the format of "Rule 144A" and/or "Regulation S". In this context, it is planned to arrange a series of investor meetings in the UK with the participation of our Company's senior management starting from May 1, 2024. Our Company has been assigned with credit ratings of B+ (Positive) by Fitch Ratings and B3 (Stable) by Moody's in connection with its potential transaction. The ultimate decision for the bond issuance and the amount and the terms of the bond issue will be determined based on the market conditions following the investor meetings. The Eurobond is expected to be rated "B+" by Fitch Ratings and "B3" by Moody's.
Zorlu Holding AŞ sold Vestel Elektronik Sanayi ve Ticaret AŞ ("Vestel Elektronik") shares with a nominal value of TL3,800,000 at a price range of TL79.2-79.75 per share via block sale on Borsa Istanbul on April 26, 2024. Following the transaction, the company’s share in Vestel Elektronik declined to 54.56%.
Pursuant to our material event disclosures dated 14 March 2024 and 19 April 2024, the issuance certificate relating to issuance of debt instruments abroad, which was notified to us by the Capital Markets Board (SPK) on April 25, 2024 (today), is attached for your information.
Pursuant to our material event disclosure dated 14.03.2024, Capital Markets Board's approval of our application to issue debt instruments abroad has been announced in the Capital Markets Board's bulletin dated 18.04.2024 and numbered 2024/19.
In accordance with our Company's brand-oriented, strategic global growth objective, a Share Purchase Agreement is executed on 8 April 2024 (today) between Vestel Holland B.V., a 100% indirect subsidiary of our Company and Elektroskandia Sverige AB to acquire all of the 25,000 shares with a nominal value of 1 Swedish Krona (SEK) each, representing the share capital of Cylinda AB, which operates in the white goods sector and registered with Swedish Companies Registration Office under the registration number 559450-8375, provided that the required legal clearance is obtained from the Swedish Competition Authority and payment of the share purchase amount to be adjusted according to the terms and conditions of the share purchase agreement is made on the closing date. This strategic investment will help our Company achieve its long-term target of sustainable growth and contribute to increasing its market share in Northern European countries in particular.
Due to the uncertainty surrounding the transaction until the negotiations between the parties regarding the share purchase are concluded with the execution of the Share Purchase Agreement, in order to avoid misleading investors and adversely affecting our Company's bargaining power and activities, particularly in terms of competition laws, the disclosure of such information has been postponed as per the Company's Board of Directors resolution dated 14.11.2023 and numbered 2023/46 within the scope of Article 6 of the Capital Markets Board's Communiqué on Material Events Disclosure.
Vestel Elektronik announced consolidated sales revenues of TL 112,216 mn and net profit of TL 1,450 mn in 2023.
Click here for FY23 CMB financials.
The main messages shared during today's (04.04.2024) press conference are presented to the information of the public in the attached press release.