Vestel Elektronik bought Vestel Beyaz Eşya shares from the market with a nominal value of TL 70,451 in the price range of TL9.61 to TL9.76 per share on November 20, 2014. Following the transaction, the Company's share in Vestel Beyaz Eşya reached 94.34%.
In accordance with the related Communiqué of Capital Markets Board, Vestel Elektronik Sanayi ve Ticaret A.Ş. applied to CMB today for the approval of the takeover and its merger with its fully owned subsidiary, Deksar Multimedya ve Telekomünikasyon A.Ş.
Standard and Poor's revised the outlook on Vestel Elektronik Sanayi ve Ticaret A.Ş. to positive from stable and affirmed 'B-' rating.The outlook revision reflects S&P’s view that the Company's operating performance could exceed their base-case expectations in 2015 thanks to lower volatility in earnings, improving profitability, and lower working capital outflows and S&P could raise the rating if they see continued improvement in Vestel's operating performance, notably in terms of profitability, reduction of working capital outflows and positive free cash flow generation.
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Vestel Electronics reported total revenues of US$ 2,538 mn and net profit of US$ 36.3 mn in 9mth-14
Click here for 9mth-14 CMB financials.
In accordance with the related articles of Capital Market Law, Turkish Commercial Code and Corporate Tax Law, via the Board decision taken on October 27, Vestel Elektronik Sanayi ve Ticaret A.Ş. decided to take over and merge with its 100% subsidiary Deksar Multimedya ve Telekomünikasyon A.Ş. The merger will be based on the companies’ 30.09.2014 financials.
In line with our strategy of enhancing collaboration with global trademarks, our 100% owned subsidiary, Vestel Ticaret A.Ş. signed a brand licensing agreement with Sharp Corporation on September 26th, 2014, for the development, manufacturing, sales and marketing of white goods under the license of Sharp brand for the European market. Under this agreement, Vestel Ticaret A.Ş. will be the exclusive distributor of Sharp branded white goods within Europe, which will be manufactured at Vestel Beyaz Eşya’s factories and Sharp Corporation’s production facilities in Asia. The operations are planned to be commenced from January 1st, 2015. We expect this alliance to enhance our competitiveness in the European market and increase the share of our branded white goods exports.
For the financing of our R&D and product development activities towards reinforcing our position in the market and in parallel with our long-term borrowing strategy, we signed a EUR50 mn loan agreement with a term of 5 years with the European Bank for Reconstruction and Development (EBRD) on September 2, 2014. The loan has a 2 year grace period and bears an annual interest rate of Euribor+3.2%.
Our Corporate Governance Rating Agreement with ISS Corporate Solutions Inc. expired in March 2014. A new Corporate Governance Rating Agreement has been signed between our company and SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. that has an official authorisation to give ratings in compliance with Capital Markets Board (CMB) Corporate Governance Principles, on August 27, 2014. The agreement covers one rating period.
Vestel Electronics reported total revenues of US$ 1,674 mn and net profit of US$ 58 mn in 1H14
Click here for 1H14 CMB financials.