Vestel Elektronik Sanayi ve Ticaret AŞ's Board of Directors took the following decisions at its meeting today:
The management will be authorized to carry out the necessary transactions related with this resolution.
Vestel Elektronik announced consolidated sales revenues of TL 21,546 mn (US$ 3,075 mn) and net profit of TL 1,773 mn (US$ 253 mn) in 2020.
Click here for FY20 CMB financials.
Vestel Elektronik Sanayi ve Ticaret AŞ's Board of Directors decided to authorize the Company's management to carry out the necessary procedures to issue up to TL 750 mn of debt instruments in single or multiple tranches with varying maturities of maximum 5 years. The instruments will be sold to qualified investors and/or private placements in the domestic market and can be issued as all kinds of bonds, convertible bonds, exchangable bonds, commercial papers and other capital market instruments that are debt instruments by their nature and accepted by the Capital Markets Board. Any two member of the Board of Directors who has first degree signature authority is authorized with a joint signature to carry out the necessary transactions, without any monetary limitation, related with this resolution.
Vestel Elektronik has announced on March 20, 2020 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 million 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 400,000,000 corporate bond with floating coupon payments with a maturity of 383 days to domestic qualified investors on Feb 19, 2021. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
Vestel Elektronik Sanayi ve Ticaret AŞ sold 5,000,000 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ shares at a price of TL 48.3 per share on Borsa Istanbul on February 19, 2021. Following the transaction, Vestel Elektronik Sanayi ve Ticaret AŞ 's share in Vestel Beyaz Eşya Sanayi ve Ticaret AŞ declined to 87.27%.
SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri AŞ (“SAHA”), which is authorised to provide rating services in Turkey in accordance with the Capital Markets Board’s (“CMB”) Corporate Governance Principles, confirmed the Corporate Governance Rating of Vestel Elektronik as 9.63 (96.34%) as of 19.02.2021, which was 9.63 (96.32%) in 2020.
The Company’s Corporate Governance Rating has been determined as a result of the evaluations made under four main headings (Shareholders, Public Disclosure and Transparency, Stakeholders, Board of Directors) in accordance with the CMB's Corporate Governance Principles. The breakdown of the Company’s Corporate Governance Rating by sub-section is as follows:
| Sub-Sections | Weights (%) | Rating (%) |
|---|---|---|
| Shareholders | 25 | 94.93 |
| Public Disclosure and Transparency | 25 | 98.44 |
| Stakeholders | 15 | 99.48 |
| Board of Directors | 35 | 94,48 |
| Total | 100 | 96.34 |
The Company’s revised rating, which is determined by SAHA in accordance with the Corporate Governance Principles, confirms Vestel Elektronik’s determination to adopt corporate governance principles and the improvements made in the implementation of necessary policies and measures. The afore-mentioned report is available on our Company's website at www.vestelinvestorrelations.com.
Vestel Elektronik Sanayi ve Ticaret AŞ's stand-alone income statement for the period 01.01.2020 - 31.12.2020, which has been submitted to the Tax Authority in accordance with the Tax Procedure Law. The aforementioned income statement is not prepared in accordance with the Capital Markets Board's legislation.
The second coupon payment, amounting to TL 1.785.857,78 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 on 11.01.2021.
The interest rate for the third coupon payment of TL 50.066.100 nominally valued corporate bond, which was sold to qualified investors on July 9, 2020 with a maturity of 372 days and trades with the ISIN Code of TRSVSTL72110, has been set as 4,3108 %. (simple annual interest 16.9185%).
The second coupon payment amounting to TL 1.911.417,19 on the TL 50.380.000 nominally valued Corporate Bond with the ISIN Code of TRSVSTL72227 was made as of today.