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At the Board of Directors Meeting of our Company dated 05.04.2024 and numbered YK/2024-07 it has been decided that; 1-To use a cash loan amounting to TL 200,000,000 (Two Hundred Million TL) with a maturity of 1 year and an annual interest rate of 53,08% in order to finance the working capital needs of our Company, to obtain the loan from Asil Holding A.Ş., a shareholder of our Company and a PAK Group company, to authorize the General Manager to use and/or repay the loan and/or monthly interest amounts in lump sum or in installments, 2- To determine the loan interest rate by recalculating the weighted average interest rates (weekly) applied to the last 6-month TRY denominated loans freely determined by the banks and reported to the Central Bank of the Republic of Turkey as of 05.04.2024 with the interquartile range method, taking into account the method and precedent price (interest rate) range specified in the valuation report dated 07.03.2024 prepared by Kuzey YMM ve Bağımsız Denetim A.Ş. regarding the loan procurement transactions. Within the scope of the relevant provisions of the Capital Markets Board's Corporate Governance Communiqué No. II-17.1, since the institution from which the loan is obtained is a related party and the transaction is considered as a widespread and continuous transaction as a result of the realization of the transaction more than once, the conclusion section of the report prepared regarding the use of the loan, the conditions of the transaction and its comparison with the market conditions are shown belo "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 were explained and the status of the transaction against market conditions was evaluated. As of 05.04.2024, it has been concluded that the interest rate to be applied for the loan procurement transaction in question is in the range of 52,01% - 54,15% and will be in line with the precedent in terms of transfer pricing practices as long as there is no significant change in market conditions. In this context, it has been decided to set the interest rate of the loan to be used as 53,08 to remain within the interest rate range described above." The English translation of this disclosure is attached hereto and in case of any discrepancy in the disclosure texts, the Turkish disclosure 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.