Vestel Elektronik Sanayi ve Ticaret AŞ's Board of Directors made the following decisions.
Vestel Elektronik Sanayi ve Ticaret AŞ’s Annual General Meeting for the year 2019 will be held on 30 June 2020 at 10:00 am at the address of Levent 199 Büyükdere Caddesi No: 199 34394 Şişli/Istanbul in order to discuss and resolve the aforementioned agenda items.
The Board of Directors is authorized to make the invitation for the Annual General Meeting in accordance with the Company's Articles of Association and related regulations.
Pursuant to the Capital Markets Board’s Corporate Governance Principles and Communiqués, the agenda item, the documents and the reports to be discussed at the Annual General meeting will be submitted to the information of the shareholders at the Company’s www.vestelinvestorrelations.com website under the "Information Memorandum for the Annual General Meeting" heading and the Board of Directors is authorized to make the necessary material event disclosures.
Click here for the Invitation.
Click here for the Agenda.
Zorlu Holding AŞ sold 5,500,000 Vestel Elektronik Sanayi ve Ticaret AŞ ("Vestel Elektronik") shares at a price of TL 13.05 per share on Borsa Istanbul on June 1, 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 72.02%.
Pursuant to our material event disclosure dated 10.04.2020, Standard & Poor's upgraded Vestel Elektronik's long term corporate credit rating from "SD" to "CCC-". The outlook on the rating is negative.
Standard & Poor's has temporarily downgraded Vestel Elektronik's long term corporate credit rating from "CCC+" to "SD" on April 10, 2020. The rating revision is due to Company's plan to extend the maturity of some of its financial obligations due until June 2020 in consent with related financial institutions and the impact of Covid-19 on operations. S&P will reassess the rating once the process for maturity extension is completed
Pursuant to our material event disclosure dated 25.03.2020, Vestel Elektronik will resume its production activities as of April 6, which were temporarily suspended during March 30 and April 5 within the framework of the precautions taken to reduce the effects of the global Coronavirus pandemic to protect the health of employees and the public. The plants will start operations with a lower capacity due to measures taken such as rescheduling of shift hours, reduction in the number of employees working per shift, disinfection of work areas during the breaks between the shifts and maintaining social distance in physical working conditions. If circumstances and developments require, an application for short-term work allowance will be considered.
Due to the worldwide effects of the Coronavirus (COVID-19) outbreak and with Europe, which is Vestel Elektronik’s major export market, becoming the new epicenter of the pandemic, Vestel Elektronik started to receive requests from its international clients to defer orders. As a result, the Company, which exports most of its output abroad, will suspend production at its plants for one week between March 30 and April 5. The other operations of the Company will continue within the framework of the numerous health and safety measures already taken. Important developments on the subject will be announced to the public.
Pursuant to our material event disclosure dated 17.02.2020, 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.
Click for Corporate Bond.
Pursuant to our material event disclosure dated 12.03.2020, Capital Markets Board has approved Vestel Elektronik's application to obtain the required permission to amend the sixth article of its Articles of Association titled "Company's Share Capital and Kind of Share Certificates" for extending the validity period of its registered capital ceiling for 5 years, involving the 2020-2024 period.
In accordance with the article 18 of the Capital Market Law and the Communiqué on Authorised Capital System of the Capital Markets Board (the Communiqué), Vestel Elektronik (the Company) decided to amend the sixth article of its Articles of Association titled "Company's Share Capital and Kind of Share Certificates" for extending the validity period of its registered capital ceiling for 5 years, involving the 2020-2024 period. Within this scope, the Company decided to apply to the Capital Markets Board and Ministry of Trade to obtain the required permission and submit the afore-mentioned amendment for the approval of shareholders in the first upcoming General Assembly.
Vestel Elektronik announced consolidated sales revenues of TL 17,174 mn (US$ 3,028 mn) and net profit of TL 352 mn (US$ 62 mn) in 2019.
Click here for FY19 CMB financials