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English
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Evet (Yes)
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Hayır (No)
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13.12.2019
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Hayır (No)
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The reforms to be introduced in the insurance, and life and private pension sectors is an integral part of the structural reforms set out under the New Economic Program (Yeni Ekonomi Programı) announced by the Republic of Turkey Ministry of Treasury and Finance (T.C. Hazine ve Maliye Bakanlığı). In this respect, following the establishment of the Insurance and Private Pension Regulation and Supervision Authority (Sigortacılık ve Özel Emeklilik Düzenleme ve Denetleme Kurumu) and Türk Reasürans AŞ, it is envisaged that the reforms in the sector will continue with the consolidation of the state-owned insurance, and life and private pension companies under the same roof.
These reforms contribute to the creation of an economy of scale and to the achievement of world average levels in the total volume of non-bank financial sector, so as to make the insurance, and life and private pension sector a part of the global competition. The proposed reforms further aim to set up an independent and dynamic structure for the insurance sector by enhancing the operational efficiency to reduce the costs and securing efficient use of distribution channels, particularly the banks, to expand the product range.
In this respect, we hereby announce that we have commenced negotiations with Türkiye Varlık Fonu Yönetimi AŞ (TWF) in relation to the transfer of the shares we hold in Ziraat Sigorta AŞ, which represent 99.97% of its share capital, and the transfer of shares we hold in Ziraat Hayat ve Emeklilik AŞ, which represent 99.97% of its share capital, to a company to be established by TWF (the Purchaser).
In this respect, further to the information we have been provided with, it is planned that:
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During the transfer of shares in Ziraat Sigorta A.Ş. and Ziraat Hayat ve Emeklilik A.Ş. to the Purchaser, the Purchaser will also acquire the shares in:
i.
Güneş Sigorta A.Ş., currently held by Türkiye Vakıflar Bankası T.A.O., Vakıfbank Personeli Özel Sosyal Güvenlik Hizmetleri Vakfı ve Türkiye Vakıflar Bankası T.A.O Memur ve Hizmetlileri Emekli ve Sağlık Yardımlaşma Vakfı Yardım Sandığı Vakfı;
ii.
Halk Sigorta A.Ş., currently held by Türkiye Halk Bankası A.Ş. and Halk Bankası Menkul Değerler A.Ş.;
iii.
Halk Hayat ve Emeklilik A.Ş., currently held by Türkiye Halk Bankası A.Ş.; and
iv.
Vakıf Emeklilik ve Hayat A.Ş., currently held by Güneş Sigorta A.Ş., Vakıf Yatırım Menkul Değerler A.Ş., Vakıfbank Personeli Özel Sosyal Güvenlik Hizmetleri Vakfı and Türkiye Vakıflar Bankası T.A.O.;
v.
Vakıf Emeklilik ve Hayat A.Ş., currently held by Vakıf Yatırım Menkul Değerler A.Ş.; and
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Following these share transfers, each of (a) Ziraat Sigorta AŞ, Güneş Sigorta AŞ ve Halk Sigorta AŞ and (b) Halk Hayat ve Emeklilik AŞ, Ziraat Hayat ve Emeklilik AŞ ve Vakıf Emeklilik ve Hayat AŞ will merge.
In this regard, following the obtainment of the required regulatory approvals and completion of the share transfer, the relevant companies' general assemblies will resolve on the mergers and the legal procedures relating thereto will be completed. The considerations for the share transfers and the exchange ratios for the mergers will be calculated based on the relevant companies' fair market value as well as the applicable laws. These considerations, ratios and other terms of these transactions will be finally determined following negotiations with the concerned parties and satisfaction of the applicable legal requirements, and will be announced in accordance with the applicable laws.
Pursuant to Article 8 of the Law No. 6741 on the Establishment of Türkiye Varlık Fonu Yönetimi AŞ and Amendment on Certain Laws (Türkiye Varlık Fonu Yönetimi Anonim Şirketinin Kurulması ile Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun) (the Turkey Wealth Fund Law), the Capital Markets Law No. 6362 and its secondary regulations, and the Law No. 4054 on the Protection of Competition do not apply to Turkey Wealth Fund (Türkiye Varlık Fonu), Türkiye Varlık Fonu Yönetimi AŞ, as well as the companies to be established by Türkiye Varlık Fonu Yönetimi AŞ. In this respect, the share transfers to be made in listed insurance companies will not trigger a mandatory tender offer under the Mandatory Tender Offer Communiqué (Pay Alım Teklifi Tebliği) No. II- 26.1 of the Capital Markets Board. In addition, pursuant to paragraph 1(b) of Article 12 of the Communiqué on Common Principles Regarding Material Transactions and Sell-Out Right (Önemli Nitelikteki İşlemlere İlişkin Ortak Esaslar ve Ayrılma Hakkı Tebliği) No II- 23.1, the proposed merger of insurance companies will not trigger a sell-out right. We kindly remind the investors to review the applicable exemptions and exceptions under the Turkey Wealth Fund Law and other applicable laws before making any investment decisions.
It is important to note that the process of the introduction of the proposed structural reforms in the insurance, and life and private pension sector will be undertaken with an awareness on the responsibilities towards the public, the rights of the investors holding publicly traded shares in insurance companies as well as the rights of the employees of the insurance, and life and private pension companies will be observed, and all precautions deemed necessary to ensure that none of the interested parties will not suffer any losses due to these proposed structural reforms will be taken to the extent permitted under the applicable laws.
The project, which is believed to provide major contributions to our economy, is aimed to be completed as soon as practicable, and all major developments with respect to the project will be publicly announced.
With all due respect,
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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.