Within the scope of the brand licensing agreement signed with Toshiba, which was announced to the public on 01.09.2016, a new organization will be set up in Europe and Toshiba’s old production facility in Poland, Wroclaw is planned to be utilized as a manufacturing and logistics center for both Toshiba and Vestel. Within this context, our 100% owned subsidiary, Vestel Ticaret AŞ signed a preliminary share purchase agreement with Compalead Electronics B.V. on September 1, 2016 for the acquisition of the shares of “Compal Electronics Europe sp. z o.o.”, which owns the afore-mentioned production facility in Poland. The completion of the share transfer is subject to the attainment of the necessary approvals from the related authorities and the fulfillment of the certain conditions set by parties.
Since a final agreement was not certain at the stage of the signing of the memorandum of understanding, within the scope of the Capital Markets Board’s Communiqué on Material Events Disclosure, our Board of Directors resolved to postpone the public announcement until the signing of a binding agreement in order not to mislead investors and weaken our Company’s negotiating power during the process.
The news that appeared in various media sources today (based on the news published in the Japanese Nikkei Newspaper dated September 1, 2016) claiming that Sharp Corporation (Sharp Corp.) is in talks with our Company to buy back its brand licensing rights which it has awarded to our 100% owned subsidiary, Vestel Ticaret AŞ for the manufacture, sales and marketing of white goods under the SHARP brand in Europe does not reflect the truth. Our Company did not receive any such request from Sharp Corp. and the afore-mentioned brand licensing agreement is valid until 2020. Sharp Corp. informed our Company that it has sent a refutation text to Nikkei newspaper regarding the mentioned speculative news.
In line with our Company’s goal to strengthen its position further in the international markets and enhance collaboration with global trademarks, our 100% owned subsidiary, “Vestel Ticaret AŞ” signed a brand licensing agreement with “Toshiba Visual Solutions Corporation” on September 1, 2016 for the manufacture, sales, marketing and distribution of televisions under the license of Toshiba brand in the European market. The afore-mentioned agreement will become effective after the necessary legal permissions are obtained in the countries under scope and will be initially valid for five years. The brand licensing agreement aims to increase the market share of Toshiba branded televisions in Europe above 5% in the medium term and enhance our Company’s competitiveness and branded sales in the European TV market.
Since a final agreement was not certain at the stage of the signing of the memorandum of understanding, within the scope of the Capital Markets Board’s Communiqué on Material Events Disclosure, our Board of Directors resolved to postpone the public announcement until the signing of a binding agreement in order not to mislead investors and weaken our Company’s negotiating power during the process.
Since the Corporate Governance Principles Compliance Rating Agreement signed between our Company and SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri AŞ (SAHA) on August 27, 2015 will expire as of August 27, 2016, a renewal agreement has been signed with SAHA on August 25, 2016, which will be valid until August 25, 2017.
Vestel Elektronik announced consolidated sales revenues of TL 4,648 mn (US$ 1,593 mn) and net profit of TL 176 mn (US$ 60.5 mn) in 1H16.
Click here for 1H16 CMB financials.
As company observing the protection of intellectual property rights, our Company has signed a settlement and a license agreement, including confidentiality provisions, with Via Licensing Corporation, which is authorized to provide patent pools for the digital TV broadcast audio coding on behalf of third party licensors, after finalising the technical, commercial and legal negotiations. The payment pertaining to the settlement was made in June 2016.
Vestel Elektronik announced consolidated revenues of TL2,248 mn (US$764.0 mn) and a net profit of TL107.5 mn (US$36.5 mn) in 1Q16.
Click here for 1Q16 CMB financials.
At its meeting on 27.04.2016, Our Company’s Board of Directors resolved to
At its meeting on 27.04.2016; Our Company’s Board of Directors resolved to elect Mr. Ahmet Nazif Zorlu as the Chairman of the Board, Mr. Ali Akın Tarı as the Vice Chairman and Mrs. Selen Zorlu Melik, Mr. Mehmet Emre Zorlu, Mr. Olgun Zorlu and Mr. Hacı Ahmet Kılıçoğlu as the other members of the Board.
Vestel Elektronik Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2015 was held on April 26, 2016 at 10:30 am at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/İstanbul.
Click here for the Minutes of the Meeting.
Click here for the List of Attendees.