Kap Notices

At its meeting on 16.04.2021, the Company's Board of Directors resolved to;

• Appoint Mr. Bekir Ağırdır, Independent Member of the Board, as the Chairman of the Corporate Governance Committee and Mr. Mehmet Emre Zorlu, Board Member, and Ms. Serap Mutlu, Investor Relations Director, as the Committee members,
• Appoint Mr. Elmas Melih Araz, Independent Member of the Board, as the Chairman of the Audit Committee and Mr. Bekir Ağırdır, Independent Member of the Board, as the Committee Member,
• Appoint Mr. Elmas Melih Araz, Independent Member of the Board, as the Chairman of the Early Detection of Risk Committee and Mrs. Selen Zorlu Melik, Board Member, as the Committee Member.

Vestel Elektronik Sanayi ve Ticaret AŞ’s Annual General Meeting for the year 2020 was held on 15 April 2021 at 10:00 am at the address of Levent 199 Büyükdere Caddesi No: 199 34394 Şişli/Istanbul.

Click here for the Minutes of the Meeting.

Click here for the List of Attendees.

Pursuant to our material event disclosure dated 18.03.2021, Board of Directors’ proposal regarding selection of KPMG Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik AŞ as the independent audit firm for auditing the Company's accounts and transactions in 2021 has been accepted at the Company's 2020 Annual General Meeting.

Pursuant to our material event disclosure dated 18.03.2021, the Board of Directors’ proposal for the distribution of 2020 profit has been accepted at the Company’s 2020 Annual General Meeting.

The third coupon payment amounting to TL 2,158,249.42 on the TL 50,066,100 nominally valued Corporate Bond, which was sold to qualified investors with a maturity of 372 days and with the ISIN Code of TRSVSTL72110 was made as of today.

The conclusion section of the "Report on the Common and Continuous Transactions" between the Company (including consolidated subsidiaries) and its related parties, which was prepared in accordance with the Article 10 of the CMB's II.17.1 Communiqué on Corporate Governance, is provided below :

Within the context of the Company's financial planning for the year 2021:

• Total revenues to be generated by Vestel Elektronik Sanayi ve Ticaret AŞ ("Company") and its subsidiary Vestel Beyaz Eşya Sanayi ve Ticaret AŞ ("Vestel Beyaz Eşya") from the sale of products to Vestel Ticaret AŞ ("Vestel Ticaret") in 2021 are foreseen to exceed 10% of the Company's revenues reported in its latest annual consolidated financial statements. It is concluded that the terms of the sales transactions to Vestel Ticaret are compatible with previous years and are reasonable when compared with the market conditions,
• Total amount of raw material purchases to be made by Vestel Elektronik and its subsidiaries Vestel Beyaz Eşya and Vestel Ticaret from Vestel Holland B.V. in 2021 within the context of common and continuous raw material procurement transactions, are foreseen to exceed 10% of the Company's cost of sales reported in its latest annual consolidated financial statements. It is concluded that the terms of the purchase transactions with Vestel Holland B.V. are compatible with previous years and are reasonable when compared with the market conditions.

Vestel Elektronik Sanayi ve Ticaret AŞ sold 4,000,000 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ shares at a price of TL 55 per share on Borsa Istanbul on April 12, 2021. Following the transaction, the Company's share in Vestel Beyaz Eşya Sanayi ve Ticaret AŞ declined to 85.17%.

The third coupon payment, amounting to TL 2,122,912.43, on the TL 50,380,000 nominally valued Corporate Bond, which was sold to qualified investors with a maturity of 728 days and with the ISIN Code of TRSVSTL72227 was made as of today.

Pursuant to our material event disclosure dated 15.03.2021 and 23.03.2021, regarding the amendment of Article 6 of our Company's Articles of Association, approved by the Ministry of Trade.

The interest rate for the fourth coupon payment of TL 50,380,000 nominally valued corporate bond, which was sold to qualified investors on July 9, 2020 with a maturity of 728 days and trades with the ISIN Code of TRSVSTL72227, has been set as 5.0670%. (simple annual interest 20.3236%)