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English
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oda_RelatedPartyTransactionsAbstract|
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Evet (Yes)
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Hayır (No)
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oda_DateOfThePreviousNotificationAboutTheSameSubject|
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09.01.2018, 07.03.2019, 15.05.2020, 25.06.2021, 27.12.2021
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Hayır (No)
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As is known, Our Company's board of directors has resolved with its various decisions to sign a share purchase agreement ("SPA") at an amount of USD 720,000,000 with SOCAR Turkey so as to become 18% indirect shareholder in STAR's share capital; to pay the purchase price in three equal installments; and to pay the final installment on the Closing date that has been defined as 31.12.2022 at the latest simultaneously with the share transfer and to take all necessary actions in relation to the abovementioned transfer.
This time with the board decision dated 30.12.2022; it has been considered appropriate to postpone the Closing date until 02.10.2023 considering the continuation of the effect of the adverse developments in the markets and of the uncertainties at global level and especially in petrochemical industry; and continuation of the final approval process regarding the fulfillment of the conditions precedent in the SPA between parties in order for the completion of the share transfer transaction, and also repayment of our Company's USD 500.000.000 Notes due on 26.01.2023 and in connection therewith, so as to preserve our Company's cash flow position.
In this regard, SOCAR Turkey's representatives have been communicated and a mutual understanding has been reached to determine the latest date for Closing as 02.10.2023.
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.