Zorlu Holding AŞ sold 302,500 Vestel Elektronik Sanayi ve Ticaret AŞ ("Vestel Elektronik") shares at a price range of TL 31.5-31.62 per share on Borsa Istanbul on June 10, 2021. Following the transaction, the Company's share in Vestel Elektronik declined to 66.12%.
Pursuant to the Board of Directors' resolution dated 09.06.2021 and numbered 2021/30, Vestel Elektronik transferred all of its shares in its wholly-owned subsidiary Vest Batarya Sistemleri AŞ, which has a paid-in capital of TL50,000, at nominal value to Vestel Komünikasyon Sanayi ve Ticaret AŞ ("Vestel Kom"), another wholly-owned subsidiary of the Company, within the scope of the merger of both companies under the umbrella of Vestel Kom through the facilitated merger procedure. The share transfer is completed as of June 9, 2021 (today). A simplified corporate structure is aimed with the said merger.
We had disclosed in our material event disclosure dated 28.06.2018 that Vestel Elektronik Sanayi ve Ticaret AŞ had become one of the shareholders of Türkiye'nin Otomobili Girişim Grubu Sanayi ve Ticaret AŞ ("TOGG") with a 19% share.
Within the scope of the decision taken at the Annual General Meeting of TOGG which was held on 31 May 2021 and the provisions of the company's articles of association, the paid-in capital of TOGG was increased by 846,774,000 TL from 150,000,000 TL to 996,774,000 TL and Vestel Elektronik participated in the said capital increase.
As part of its decision to narrow the scope of its operations, Kök Ulaşım Taşımacılık AŞ ("KÖK") did not participate in TOGG's capital increase. The capital advances paid by the other shareholders earlier were added to capital and accordingly, Vestel Elektronik Sanayi ve Ticaret AŞ's stake in TOGG increased from 19% to 22.8%.
On the other hand, within the scope of the shareholders agreement; Vestel Elektronik acquired 0.2% of KÖK's remaining 2.9% share in TOGG at nominal value post the capital increase and accordingly, the Company's stake in TOGG has reached 23.0%.
Since the share transfer process could affect the share price and investors' investment decision, within the scope of the Capital Markets Board's Communiqué on Material Events Disclosure, the public announcement was postponed until the completion of the aforementioned share transfer with the Board resolution dated March 29, 2021.
The first coupon payment, amounting to TL 21,295,200.00 on the TL 400,000,000 nominally valued Corporate Bond, which was sold to qualified investors with a maturity of 383 days and with the ISIN Code of TRSVSTL32213 was made as of today.
In line with the Company's goal to bolster its position in international markets and enhance collaboration with global trademarks, Vestel's wholly-owned subsidiary, Vestel Ticaret AŞ signed a brand licensing agreement with Posco International Corporation on May 20, 2021 for the development, production, sales, marketing and distribution of televisions and household appliances under the license of Daewoo brand in 49 countries including the EU and CIS countries as well as Russia and Turkey. The agreement will become effective on July 1, 2021 and will be valid for ten years. The brand licensing agreement aims to enhance Vestel's competitiveness and branded sales in domestic and export markets.
Since a final agreement was not certain at the stage of the signing of the memorandum of understanding, within the scope of the Capital Markets Board's Communiqué on Material Events Disclosure, the Company's Board of Directors resolved to postpone the public announcement until the signing of a binding agreement in order not to mislead investors and weaken the Company's bargaining position during the process. This disclosure is made as the reason for the postponement has been lifted with the signing of the final agreement.
Pursuant to our material event disclosure dated 25.02.2021, Vestel Elektronik has been notified today that the Capital Markets Board had approved the Company's application to issue debt instruments. The approved issue document is presented in the attachment.
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Vestel Elektronik announced consolidated sales revenues of TL 6,201 mn (US$ 841 mn) and net profit of TL 220 mn (US$ 30 mn) in 1Q21.
Click here for 1Q21 CMB financials.
Decisions taken in the Vestel Elektronik Sanayi ve Ticaret AŞ's Annual General Meeting for the year 2020, which was held on April 15, 2021, has been registered by Istanbul Trade Registry Office on April 21, 2021.
Pursuant to our material event disclosures dated 18.03.2021 and 15.04.2021, within the scope of the Article 5 of CMB's Communiqué on Dividends and Board of Directors' dividend distribution proposal which has been approved at the Company's 2020 Annual General Meeting, the distribution dates of the dividends to be distributed in three equal installments have been determined as 30.07.2021, 30.09.2021 and 30.11.2021 by the Board decision dated 22.04.2021.
Decisions taken in the Vestel Elektronik Sanayi ve Ticaret AŞ's Annual General Meeting for the year 2020, which was held on April 15, 2021, has been registered by Istanbul Trade Registry Office on April 21, 2021.