Vestel Elektronik Sanayi ve Ticaret AŞ signed a Corporate Governance Principles Compliance Rating Agreement with SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri AŞ on August 8, 2024 for the renewal of the Company's corporate governance rating. The term of the agreement is one year.
Pursuant to our material event disclosures dated 21.03.2019 and 07.12.2020, it has been decided to terminate the Service Agreement signed for 5 years between Vestel Ticaret AŞ, a wholly-owned subsidiary of our Company, and Whirlpool EMEA S.p.A (Whirlpool) for the provision of installation, after-sales and call centre services in Türkiye by Vestel Ticaret for Indesit, Hotpoint and Ariston branded major household appliances (MDA), air conditioners and small household appliances (SDA) produced by Whirlpool as of 01.12.2024 and that no service shall be provided to Whirlpool under this agreement after the date of 01.12.2024.
Pursuant to our material event disclosures dated 26.09.2014 and 25.12.2019, Vestel Ticaret AŞ, a wholly-owned subsidiary of our Company, and Sharp Corporation have started negotiations on expanding the scope of their existing cooperation in the field of white goods and small domestic appliances in Europe as well as extending the terms of the existing brand licensing and distribution agreements. The developments will be fully and timely disclosed to the public.
The public disclosure of the afore-mentioned insider information has been postponed with the decision of the Board of Directors of our Company dated 26.04.2024 and numbered 2024/24 until the negotiations between the parties reach a certain level of development, by considering the rights and interests of the parties and in order not to mislead the investors.
A non-binding Memorandum of Understanding (MoU) valid for one year has been signed between Vestel Mobilite Sanayi ve Ticaret AŞ, an indirect wholly-owned subsidiary of Vestel Elektronik Sanayi ve Ticaret AŞ, and Shloka Enterprises LLP, which is part of Krishna Group, one of the leading automotive groups in India, to explore potential collaboration opportunities particularly in electric vehicle charging stations as well as in mobility electronics and energy storage systems. Developments will be fully and promptly disclosed to the public.
Pursuant to the Article 4.2.8 of the Capital Markets Board's Communiqué on Corporate Governance, Vestel Elektronik has renewed its existing Directors and Officers Liability Policy for one year. The annual insurance limit of the policy exceeds 25% of the Company's share capital.
In accordance with its Board's decision dated 09.07.2024, Vestel Elektronik Sanayi ve Ticaret AŞ decided to apply to the Capital Markets Board of Türkiye to issue up to TL 3,000,000,000 (three billion Turkish Liras) of TL denominated debt instruments in varying terms up to 5 (five) years, in single or multiple tranches, in the form of sales to qualified investors without being offered to the public.
Vestel Elektronik completed the sale of a TL 360,000,000 commercial paper with fixed coupon payment with a maturity of 139 days to domestic qualified investors, the transfer of the securities to the customer accounts will be completed today. The interest rate of this instrument is 52% annual simple. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
TL 550,000,000 nominally valued Corporate Bond, which was sold to qualified investors on March 28, 2024 with a maturity of 98 days and with the ISIN Code of TRFVSTL72414, was redeemed as of today (July 4, 2024) with completion of th coupon payment amounting to TL 85,649,850 and the principal payment of TL 550,000,000.
The third coupon payment amounting to TL 39,222,600 on the TL 300,000,000 nominally valued commercial paper, which was sold to qualified investors on October 3, 2023 with a maturity of 395 days and trades with the ISIN Code of TRSVSTLK2413, was made as of today. The interest rate for the fourth coupon payment has been set as 19.395%.
Vestel Elektronik completed the sale of a TL 500,000,000 commercial paper with fixed coupon payment with a maturity of 55 days to domestic qualified investors, the transfer of the securities to the customer accounts will be completed today. The interest rate of this instrument is 52% annual simple. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.