Vestel Elektronik Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2018 will be held to discuss the following agenda items at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/ISTANBUL at 10:00 am on 8 May 2019.
Click here for the Agenda.
Click here for the Invitation.
Vestel Ticaret AŞ, a wholly-owned subsidiary of Vestel Elektronik, and Whirlpool EMEA S.p.A have signed a non-binding Letter of Intent, limited to the Turkish market, under which Vestel Ticaret would act as a service provider (including delivery, installation, after-sales services) for the Indesit and Hotpoint branded major household appliances (MDA), air conditioners and small household appliances (SDA) produced by Whirlpool EMEA S.p.A.
Vestel Elektronik announced consolidated sales revenues of TL 15,852 mn (US$ 3,298 mn) and net profit of TL 401 mn (US$ 83 mn) in 2018.
Click here for FY18 CMB financials.
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, revised up Vestel Elektronik’s Corporate Governance Rating from 9.55 (95.50%) to 9.59 (95.87%) as of February 21, 2019.
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 | 94.89 |
| Public Disclosure and Transparency | 25 | 97.93 |
| Stakeholders | 15 | 98.09 |
| Board of Directors | 35 | 94.14 |
| Total | 100 | 95.87 |
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 announced consolidated sales revenues of TL 10,469 mn (US$ 2,293 mn) and net profit of TL 78 mn (US$ 17 mn) in 9M18.
Click here for 9M18 CMB financials
Pursuant to our material event disclosures dated 05.08.2015, 10.11.2016 and 28.08.2018, the Ankara 6th Administrative Court (“Court”) has rejected the annulment of the administrative fine imposed by the Competition Authority on Vestel Ticaret AŞ, our fully owned subsidiary. Vestel Ticaret AŞ will appeal against the Court’s decision within the legal period, hence the Court’s decision is not final and conclusive yet and the judicial process will continue. The public will be informed of further developments.
Standard & Poor’s has downgraded Vestel Elektronik's long term corporate credit rating from “B-“ to "CCC+" on September 18, 2018. The outlook on rating is stable.
Click here for S&P’s press release.
Vestel Elektronik signed a Corporate Governance Principles Compliance Rating Agreement with SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri AŞ for the renewal of the corporate governance rating of the Company on August 17, 2018. The term of the agreement is one year.
Vestel Elektronik announced consolidated sales revenues of TL 6,894 mn (US$ 1,688 mn) and net profit of TL 110 mn (US$ 27 mn) in 1H18.
Click here for 1H18 CMB financials
The news in the press which claims that negotiations are being held for the sale of the shares of Vestel Elektronik Sanayi ve Ticaret AŞ does not reflect the truth.