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At the Board of Directors Meeting of our Company dated 08.03.2024 and numbered YK/2024-03; 1- In order to finance the working capital needs of our Company, a cash loan amounting to TL 100.000.000 (One Hundred Million TL) with a maturity of 1 year and an annual interest rate of 51,19% on 08.03.2024 and to obtain the loan from Asil Holding A.Ş., a partner of our Company and a PAK Group company, 2- Since the said loan, which constitutes a related party transaction within the scope of Article 9 of the Capital Markets Board's Corporate Governance Communiqué (II-17.1) ("Communiqué"), exceeds the rate of 5% in the aforementioned Article 9, the method of determining the imputed interest rate for the loan and the status of the transaction against market conditions were examined with the valuation report dated 07/03/2024 prepared by the authorized valuation institution prior to the transaction. Our Board of Directors has decided to determine the interest rate to be applied in the transaction as 51.19% in accordance with the imputed interest rates stated in the valuation report and to disclose the conclusion part of the valuation report on the Public Disclosure Platform (KAP), decided. The conclusion section of the Valuation Report is presented below for the information of our shareholders. "In this report, the details of the loan procurement transaction that Kartonsan plans to realize with the group company resident in Turkey, the method of determining the interest rate for the loan and the reasons for choosing this method are explained and the status of the transaction against market conditions is evaluated. In this framework, it has been concluded that the interest rate to be applied for the loan procurement transaction is in the range of 48,88% - 53,50% and will be in line with the precedent in terms of transfer pricing practices unless there is a significant change in market conditions." The English translation of this statement is attached hereto and in case of any discrepancy in the texts of the statement, the Turkish statement will be taken as the basis |
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.