The first coupon payment amounting to TL 18,000,600 on the TL 190,000,000 nominally valued commercial paper, which was sold to qualified investors on August 25, 2023 with a maturity of 362 days and trades with the ISIN Code of TRFVSTL82413, was made as of today.The interest rate for the second coupon payment has been set as 9,474% (simple annual interest 38%).
Vestel Elektronik completed the sale of a TL 517,000,000 corporate bond with floating coupon payments with a maturity of 379 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 48.50% annual simple for the first coupon, 48.50% annual simple or the higher of TLREF + 2.50% (BIST TLREF Index Change + 250 Basis Points Additional Return) for the other coupons. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
Vestel Elektronik completed the sale of a TL 214,000,000 commercial paper with fixed coupon payment with a maturity of 162 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 45.50% annual simple. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
TL 680,000,000 nominally valued Commercial Paper, which was sold to qualified investors on July 19, 2023 with a maturity of 126 days and with the ISIN Code of TRFVSTLK2319, was redeemed as of today (November 22, 2023) with completion of the first coupon payment amounting to TL 89,201,720 and the principal payment of TL 680,000,000.
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Vestel Elektronik reported TL 61,802 mn (US$ 2,795 mn) of sales revenues and TL 469 mn (US$ 21 mn) of net profit for 9M23.
Click here for the 9M23 CMB financials.
In accordance with its Board's decision dated 07.11.2023, Vestel Elektronik Sanayi ve Ticaret AŞ decided to apply to the Capital Markets Board of Türkiye to issue up to TL 3,000,000,000 ( three billion Turkish Lira) 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.
Pursuant to our material event disclosure dated March 8, 2018, the Competition Board, with the decision of dated 02.01.2020 and numbered 20-01/13-5, decided that Vestel Ticaret AŞ (Vestel Ticaret) did not violate Article 4 of Law No. 4054,therefore there was no need to impose an administrative fine in accordance with Article 16 of the same Law as a result of the investigation carried out by the Competition Authority regarding Vestel Ticaret, a 100% subsidiary of our Company. In the lawsuit filed with the request for annulment of the said Board Decision; Ankara 4th Administrative Court, with the decisions numbered 2022/2198 E. and 2023/60 K. and dated 11.01.2023, decided to annul the administrative action in question, with the possibility of appeal. Against the decision of the Administrative Court, the Competition Authority, as a party, and Vestel Ticaret, as the intervener, filed an appeal. Ankara 8th Regional Administrative Court decided with its decisions numbered. 2023/412 E. and 2023/623 K. and dated 10.05.2023, to accept the appeal applications of the Competition Authority and Vestel Ticaret; and to cancel the decision made by the Ankara 4th Administrative Court; and the Court examined the alleged file on its merits and decided to reject the case on the grounds that the information transfer/information sharing could not be proven with legally acceptable, concrete evidence beyond any doubt that it was carried out with the common will of both enterprises. Finally, the plaintiff filed an appeal against this decision; and with the decisions of the 13th Chamber of the Council of State dated 19.10.2023 and numbered 2023/2388 E and 2023/4225 K; it was decided unanimously to reject the plaintiff's appeal request and to confirm the decision of the Regional Administrative Court in question. Thus all ordinary legal remedies are exhausted; and the Competition Board's decision stating that Vestel Ticaret did not violate Article 4 of Law No. 4054, therefore there was no need to impose an administrative fine on Vestel Ticaret in accordance with Article 16 of the same Law, has also become administratively absolute and final.
Vestel Elektronik completed the sale of a TL 460,000,000 corporate bond with floating coupon payments with a maturity of 379 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 48.25% annual simple for the first coupon, 48.25% annual simple or the higher of TLREF + 2% (BIST TLREF Index Change + 200 Basis Points Additional Return) for the other coupons. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
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 corporate bond with floating coupon payments with a maturity of 395 days to domestic qualified investors on October 3, 2023. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.