Pursuant to our material event disclosures dated 10.11.2016, 07.04.2017, 08.05.2017 and 09.08.2019; a TL 8.024.370,30 administrative fine was imposed on Vestel Ticaret AŞ, a 100% subsidiary of our Company, on the grounds that the company had violated the Law on the Protection of Competition No.4054 as per the decision of the Competition Board dated 07.11.2016 and numbered 16-37/628-279, Vestel Ticaret AŞ paid three-fourth of the administrative fine amounting to TL 6,018,277.72 on 06.04.2017 in accordance with the Article 55 of the Law No. 4054 and the Article 17/6 of the Law of Misdemeanor No. 5326. The lawsuit filed before the 6th Administrative Court of Ankara for the cancellation of the administrative action was rejected, and the request of appeal against such decision was rejected afterwards, and finally, the request of cassation proceedings was also rejected by the reasoned decision of the 13th Chamber of the Council of State dated 14.04.2022 and numbered E. 2019/3392, K. 2022/1688 and accordingly, the Board decision against Vestel Ticaret AŞ has become final.
Vestel Elektronik Sanayi ve Ticaret AŞ sold 30,000,000 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ shares at a price of TL 8.5 per share on Borsa Istanbul via block sale on September 20, 2022. Following the transaction, the Company's share in Vestel Beyaz Eşya Sanayi ve Ticaret AŞ declined to 80.66%.
The second coupon payment, amounting to TL 10,339,115.64 on the TL 160,860,000 nominally valued Corporate Bond, which was sold to qualified investors with a maturity of 399 days and with the ISIN Code of TRSVSTL42311 was made as of today. The interest rate for the third coupon payment has been set as 4.0643% (simple annual interest 16.3019%).
Zorlu Holding AŞ sold 2,455,000 Vestel Elektronik Sanayi ve Ticaret AŞ ("Vestel Elektronik") shares at a price of TL 28.42 per share on Borsa Istanbul via block sale on August 26, 2022. Following the transaction, the Company's share in Vestel Elektronik declined to 61.54%.
TL 109,570,000 nominally valued Discounted Commercial Paper, which was sold to qualified investors on March 9, 2022 with a maturity of 169 days and with the ISIN Code of TRFVSTL82215, was redeemed as of today (August 25, 2022) with completion of the principal payment of TL 109,570,000.
Vestel Elektronik has announced on June 23, 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 750,000,000 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 61,000,000 corporate bond with floating coupon payments with a maturity of 365 days to domestic qualified investors on August 25, 2022. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
Vestel Elektronik has announced on June 23, 2022 that the Capital Markets Board had approved the Company's application to issue debt instruments up to a nominal value of TL 750,000,000 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 214,000,000 discounted commercial paper with a maturity of 153 days to domestic qualified investors on August 25, 2022. Ak Yatırım Menkul Değerler AŞ has acted as the financial intermediary for the issue.
Vestel Elektronik reported TL 24,631 mn (US$ 1,661 mn) of sales revenues and TL 1,260 mn (US$ 85 mn) of net profit for 1H22.
Click here for the 1H22 CMB financials
Vestel Elektronik Sanayi ve Ticaret AŞ's stand-alone income statement for the period 01.01.2022 - 30.06.2022, 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 signed a Corporate Governance Principles Compliance Rating Agreement with SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri AŞ on August 8, 2022 for the renewal of the Company's corporate governance rating. The term of the agreement is one year.