Zorlu Holding AŞ sold 1,500,000 Vestel Elektronik Sanayi ve Ticaret AŞ ("Vestel Elektronik") shares at a price of TL 20 per share on Borsa Istanbul on December 29, 2020. Following the transaction, the Company's share in Vestel Elektronik declined to 66.51%.
Zorlu Holding AŞ sold 2,200,000 Vestel Elektronik Sanayi ve Ticaret AŞ ("Vestel Elektronik") shares at a price of TL 19.82 per share on Borsa Istanbul on December 18, 2020. Following the transaction, the Company's share in Vestel Elektronik declined to 66.95%.
JCR Eurasia Rating evaluated "Vestel Elektronik Sanayi ve Ticaret AŞ" in investment grade category in its periodic annual review and affirmed the Company's ratings on Long-Tem and Short-Term National Scales as ‘A (Trk)' and ‘A-1 (Trk)', respectively along with ‘Stable' outlook. Moreover, the ratings for the outstanding or prospective debt instrument issuances are affirmed as ‘A (Trk)' for the long term and ‘A-1 (Trk)' for the short term. On the other hand, the Company's Long Term International Foreign and Local Currency Ratings have been determined as ‘BB+/Negative', the same level as the sovereign ratings of Turkey.
Zorlu Holding AŞ sold 3,504,786 Vestel Elektronik Sanayi ve Ticaret AŞ ("Vestel Elektronik") shares within a price range of TL 19.63-20.24 per share on Borsa Istanbul on December 16, 2020. Following the transaction, the Company's share in Vestel Elektronik declined to 67.61%.
Pursuant to our material event disclosure dated 21.03.2019, Vestel Ticaret AŞ (Vestel Ticaret), a wholly-owned subsidiary of Vestel Elektronik and Whirlpool EMEA S.p.A (Whirlpool) have signed a Service Agreement, confined to the Turkish market, under which Vestel Ticaret would act as a service provider (including installation, after-sales and call center services) for the Indesit, Hotpoint and Ariston branded major household appliances (MDA), air conditioners and small household appliances (SDA) of Whirlpool. The agreement will be valid for 5 years.
Vestel Elektronik Sanayi ve Ticaret AŞ sold 5,000,000 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (Vestel Beyaz Eşya) shares within a price range of TL 32.50-32.72 per share on Borsa Istanbul on November 25, 2020. Following the transaction, the Company's share in Vestel Beyaz Eşya declined to 89.90%.
Zorlu Holding AŞ sold 5,000,000 Vestel Elektronik Sanayi ve Ticaret AŞ ("Vestel Elektronik") shares at a price of TL 19 per share on Borsa Istanbul on November 13, 2020 with the aim of increasing the liquidity in the shares, expanding the institutional investor base and thereby ensure that Vestel Elektronik is included in the leading stock market indices at home and abroad. Following the transaction, the Company's share in Vestel Elektronik declined to 68.65%.
Pursuant to the press release dated November 12, 2020, Vestel Elektronik Sanayi ve Ticaret AŞ (Vestel Elektronik) won the tender for the international electric vehicle charger (EVC) project held by the Spanish electric utility company Iberdrola S.A. (Iberdrola) and signed an agreement with the latter to become one of the three suppliers for the project. To be implemented as part of Iberdrola's sustainable transport plan, the project foresees the installation of 150 thousand electric vehicle charging points across Europe over the next 5 years. The total size of the project is c. EUR 45 million. Under the project, Vestel Elektronik plans to supply 50,000 EVC04 EV chargers for the EV charging infrastructure to be built by Iberdrola in various regions of Europe, initially in Spain, the UK and Italy.
Vestel Elektronik announced consolidated sales revenues of TL 13,908 mn (US$ 2,073 mn) and net profit of TL 973 mn (US$ 145 mn) in 9M20.
Click here for 9M20 CMB financials.
Vestel Elektronik’s wholly-owned subsidiary Vestel Ticaret AŞ signed an agreement with Crosslee PLC, a UK based company, for the acquisition of the Hostess ve White Knight business trademarks, intellectual property rights, domain names and some equipment related with these trademarks. The registration process for the transfer of the trademarks is completed in the EU while the process continues in some non-EU countries.
Crosslee PLC is among Vestel’s ODM customers and is one of the key players in the UK household appliances market. Vestel expects to further enhance its presence in the UK market with this acquisition.
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 in order not to adversely affect the brand acquisition process and competition condition and not to weaken the Company’s negotiating power during the process. This disclosure is made as the conditions for the postponement decision have ended.