SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri AŞ (“SAHA”), which is authorised to carry out rating studies in Turkey in accordance with the Capital Markets Board’s (“CMB”) Corporate Governance Principles, revised up Vestel Elektronik’s Corporate Governance Rating from 9.36 (93.60%) to 9.49 (94.86%) as of February 21, 2017.
Our Corporate Governance Rating has been determined as a result of the evaluation made under four main sections (Shareholders, Public Disclosure and Transparency, Stakeholders, Board of Directors) in accordance with the CMB's Corporate Governance Principles.
The sub-sections of our Corporate Governance Rating are as follows:
| Sub-Sections | Weights (%) | Rating (%) |
|---|---|---|
| Shareholders | 25 | 94.89 |
| Public Disclosure and Transparency | 25 | 97.58 |
| Stakeholders | 15 | 96.70 |
| Board of Directors | 35 | 92.12 |
| Total | 100 | 94.86 |
Our Company’s updated rating, which is determined by SAHA in accordance with the Corporate Governance Principles, indicates 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 www.vestelinvestorrelations.com.
Standard & Poor's revised Vestel Elektronik Sanayi ve Ticaret AŞ’s rating outlook from stable to negative while affirming the Company’s credit rating at 'B-' on February 3, 2017. The outlook revision is driven by the downgrade in Turkey’s sovereign credit outlook.
Pursuant to our material event disclosure dated 02.09.2016, all the regulatory approvals have been obtained regarding the preliminary share purchase agreement signed between our Company’s 100% owned subsidiary Vestel Ticaret AŞ and Compalead Electronics B.V. for the acquisition of the shares of “Compal Electronics Europe sp. z o.o.”, which was announced to the public on 01.09.2016. The share transfer has been completed as of 30.12.2016.
Pursuant to our material event disclosure dated 01.09.2016, all the regulatory permissions have been obtained regarding the brand licensing agreement signed between Vestel Ticaret AŞ, our Company’s 100% owned subsidiary, and Toshiba Visual Solutions Corporation. The agreement became effective as of 22.12.2016. Accordingly, Vestel Ticaret AŞ could commence its commercial operations in the countries under scope.
Pursuant to our material event disclosure dated 01.09.2016, the Competition Authority has granted permission to the brand licensing agreement signed between Vestel Ticaret AŞ, our Company’s 100% owned subsidiary, and Toshiba Visual Solutions Corporation and to the commercial operations to be undertaken in the Turkish market within the scope of this agreement. The permission will be valid for five years. Regulatory approvals to be obtained in other countries under scope have not been fully completed. Futher developments will be shared with the public.
Pursuant to our material event disclosure dated 05.08.2015, Competition Authority has announced its decision on the probe, which was initiated within the scope of the Act No.4054 on the Protection of Competition, against some companies operating in the consumer electronics market including our 100% owned subsidiary, Vestel Ticaret AŞ. Accordingly, Competition Authority has decided to impose administrative fine amounting to TL 8,024,370.30 on Vestel Ticaret AŞ, which is open to judicial review. Vestel Ticaret AŞ will take legal action against the decision within the legal time period. Further developments will be shared with the public.
Our Company was assessed and entitled to be included in the BIST Sustainability Index once again, which comprises publicly traded companies with a high rating on corporate sustainability performance, for the November 2016-October 2017 period. The Index calculation will start as of November 1, 2016.
Vestel Elektronik announced consolidated sales revenues of TL 6,765 mn (US$ 2,308 mn) and net profit of TL 266 mn (US$ 90.9 mn) in 9M16.
Click here for 9M16 CMB financials.
The news that appeared in various media sources today claiming that our Company will sign a sponsorship agreement with Trabzonspor for the Akyazı Stadium does not reflect the truth.
Standard & Poor’s affirmed Vestel Elektronik's the corporate credit rating at "B-", the outlook on the rating is stable.
Click here for the press release.