Related Companies
|
[]
|
||||||||
Related Funds
|
[]
|
||||||||
English
|
|||||||||
oda_RelatedPartyTransactionsAbstract|
|
|
||||||||
oda_UpdateAnnouncementFlag|
|
|
Evet (Yes)
|
|||||||
oda_CorrectionAnnouncementFlag|
|
|
Hayır (No)
|
|||||||
oda_DateOfThePreviousNotificationAboutTheSameSubject|
|
|
09.01.2018 , 07.03.2019, 15.05.2020, 25.06.2021
|
|||||||
oda_DelayedAnnouncementFlag|
|
|
Hayır (No)
|
|||||||
oda_AnnouncementContentSection|
|
|
||||||||
oda_ExplanationSection|
|
|
||||||||
oda_ExplanationTextBlock|
|
Our Board of Directors resolved in its decision dated 27.12.2021 that; as previously it 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 Refinery's share capital; to pay the purchase price in three (3) equal installments; and to pay the final installment on the Closing date that has been defined as 03.01.2022 at the latest simultaneously with the share transfer and to take all necessary actions in relation to the abovementioned transfer and at this time it has been considered appropriate to postpone the Closing date until 31.12.2022 so as to preserve our Company's strong cash flow position considering the effect of the adverse developments in the markets, uncertainty at the global level especially in petrochemical industry, the pandemic which continues to affect all over the world, main periodic turn around works which are planned to be carried out in the last quarter of 2022 at the plants of our Company; and our Company's strategy on reducing its current indebtedness through repayment of certain part of its loans within the period of 2021-2022.
In this regard, SOCAR Turkey's representatives have been communicated, an understanding has been reached and the Agreement has been amended in this respect.
|
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.