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.
Regarding the news that appeared in the press today, Vestel Ticaret A.Ş., 100% subsidiary of Vestel Elektronik Sanayi ve Ticaret A.Ş. is currently in talks with various companies for the acquisition of licensing rights in the white goods segment. There is currently no final decision made regarding the matter.
Vestel Elektronik bought Vestel Beyaz Eşya shares from the market with a nominal value of TL 286,000 in the price range of TL3.62 to TL3.65 per share on June 2, 2014. Following the transaction, the Company's share in Vestel Beyaz Eşya reached 94.30%.
Vestel Elektronik bought Vestel Beyaz Eşya shares from the market with a nominal value of TL 29.555 at a TL3.65 price per share on May 29, 2014. Following the transaction, the Company's share in Vestel Beyaz Eşya reached 94.04%.
Vestel Elektronik bought Vestel Beyaz Eşya shares from the market with a nominal value of TL 687 at a TL3.50 price per share on May 20, 2014. Following the transaction, the Company's share in Vestel Beyaz Eşya reached 94.02%.