Kap Notices

Vestel Elektronik Sanayi ve Ticaret AŞ bought 8,823 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (“Vestel Beyaz Eşya”) shares in the stock market at a price range of TL 9.49 to TL 9.60 per share on May 29, 2018. Following the transaction, the Company’s share in Vestel Beyaz Eşya stands at 94.65%.

Vestel Elektronik Sanayi ve Ticaret AŞ bought Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (“Vestel Beyaz Eşya”) shares in the stock market with a nominal value of TL 54,847 at a price range of TL 9.38 to TL 9.50 per share on May 28, 2018. Following the transaction, the Company’s share in Vestel Beyaz Eşya reached 94.65%.

Pursuant to our material event disclosures dated 13.07.2017 and 10.10.2017; as part of its investment strategy, Vestel Elektronik decided to abondon it plans to sell up to 5% share in Vestel Beyaz Eşya Sanayi ve Ticaret AŞ as per the “Memorandum of Information”, which which was prepared for the planned share sales and approved by the Capital Markets Board on October 10, 2017. Vestel Elektronik Sanayi ve Ticaret AŞ will make the necessary public announcements on future transactions in Vestel Beyaz Eşya shares, which could be realized depending on the Company’s investment strategy.

Vestel Elektronik Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for 2017, which was held on May 9, 2018, has been registered by İstanbul Trade Registry Office on May 14, 2018.

At its meeting on 10.05.2018, 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. Bekir Ağırdır, Independent Member of the Board, as the Chairman of the Audit Committee and Mr. Elmas Melih Araz, 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.

At its meeting held on 10.05.2018; the Company’s Board of Directors resolved to elect Mr. Ahmet Nazif Zorlu as the Chairman of the Board, Mr. Bekir Ağırdır as the Vice Chairman and Mr. Olgun Zorlu, Mrs. Selen Zorlu Melik, Mr. Mehmet Emre Zorlu, Mr. Elmas Melih Araz and Ms. Ayşegül İldeniz as the other members of the Board.

Vestel Elektronik Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2017 was held on May 9, 2018 at 10:00 am at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/Istanbul.

Click here for the Minutes of the Meeting.

Click here for the List of Attendees.

Pursuant to our material event disclosure dated 11.04.2018, Board of Directors’ proposal for not distributing 2017 profit has been discussed and accepted at the Company’s 2017 Ordinary General Assembly Meeting.

Pursuant to our material event disclosure dated 11.04.2018, Board of Directors’ proposal regarding selection of PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi as the independent audit firm has been accepted at the Ordinary General Assembly Meeting.

Vestel Elektronik announced consolidated sales revenues of TL 3,006 mn (US$ 788 mn) and net loss of TL 30 mn (US$ 8 mn) in 1Q18.

Click here for 1Q18 CMB financials.