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English
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oda_NoncurrentFinancialAssetAcquisitionAbstract|
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oda_UpdateAnnouncementFlag|
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Hayır (No)
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oda_CorrectionAnnouncementFlag|
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Hayır (No)
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oda_DateOfThePreviousNotificationAboutTheSameSubject|
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27.10.2017
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oda_DelayedAnnouncementFlag|
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Hayır (No)
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oda_AnnouncementContentSection|
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oda_BoardDecisionDateForAcquisition|
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09/01/2018
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oda_WereMajorityOfIndependentBoardMembersApprovedTheBoardDecisionForAcquisition|
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Yes
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oda_TitleOfNoncurrentFinancialAssetAcquired|
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Rafineri Holding A.Ş.
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oda_FieldOfActivityNoncurrentFinancialAssetWhoseSharesWereAcquired|
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Refinery
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oda_CapitalOfNoncurrentFinancialAsset|
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3.768.000.000 TL
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oda_AcquirementWay|
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Satın Alma (Purchase)
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oda_DateOnWhichTheTransactionWasWillBeCompleted|
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-
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oda_AcquisitionConditions|
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Vadeli (Timed)
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oda_DetailedConditionsIfItIsATimedPayment|
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1/3 of USD 720 million is to be paid by the signing of share purchase agreement, 1/3 is due on the date on which testing at the STAR Refinery commences and 1/3 will be done on the date of transfer of shares
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oda_NominalValueOfSharesAcquired|
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1.130.400.000 TL
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oda_PurchasePricePerShare|
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0,63694 USD
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oda_TotalPurchasingValue|
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720 million USD
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oda_RatioOfNewSharesAcquiredToCapitalOfNoncurrentFinancialAsset|
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%30
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oda_TotalRatioOfSharesOwnedInCapitalOfNoncurrentFinancialAssetAfterTransaction|
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%30
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oda_TotalVotingRightRatioOwnedInNoncurrentFinancialAssetAfterTransaction|
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%30
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oda_RatioOfNoncurrentFinancialAssetAcquiredToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
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%39,9
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oda_RatioOfTransactionValueToSalesInLatestAnnualFinancialStatementsOfCompany|
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%59,9
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oda_EffectsOnCompanyOperations|
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Positive
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oda_DidTakeoverBidObligationArised|
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Hayır (No)
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oda_WillExemptionApplicationBeMadeIfTakeoverBidObligationArised|
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Hayır (No)
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oda_TitleNameSurnameOfCounterParty|
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SOCAR Türkiye Enerji A.Ş. (STEAŞ)
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oda_IsCounterPartyARelatedPartyAccordingToCMBRegulations|
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Evet (Yes)
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oda_RelationWithCounterPartyIfAny|
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Main shareholder
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oda_AgreementSigningDateIfExists|
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09/01/2018
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oda_ValueDeterminationMethodOfNoncurrentFinancialAsset|
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%75 income approach, %25 market approach
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oda_DidValuationReportBePrepared|
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Düzenlendi (Prepared)
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oda_ReasonForNotPreparingValuationReportIfItWasNotPrepared|
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-
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oda_DateAndNumberOfValuationReport|
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05.01.2018
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oda_TitleOfValuationCompanyPreparedReport|
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DRT Kurumsal Finans Danışmanlık Hizmetleri A.Ş.
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oda_ValueDeterminedInValuationReportIfExists|
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602-920 milyon USD
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oda_ReasonsIfTransactionWasntWillNotBePerformedInAccordanceWithValuationReport|
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Appropriate
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oda_ExplanationSection|
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oda_ExplanationTextBlock|
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Ref: 27.10.2017 Dated Public Disclousure As a result of negotiations between our company and our main shareholder SOCAR Turkey Enerji A.Ş. (STEAŞ), a share sale and transfer agreement (Agreement) has been signed in order to acquire %30 shares of Rafineri Holding A.Ş. (Rafineri Holding) from STEAŞ with a purchase price of USD 720 million. Rafineri Holding A.Ş. holds %59,99 shares of SOCAR Turkey Yatırım A.Ş. which holds %100 shares of STAR Rafineri A.Ş (STAR), that has the ongoing STAR Refinery investment on our peninsula. With this agreement, our company will have %18 indirect share of STAR. Rafineri Holding shares subject to Agreement will be transferred to our company after getting the necessary approvals at a later time, that is defined as Closing Date in the agreement. Last date for the Closing Date is determined as 31.03.2019 The purchase price of U.S.$ 720 million for %30 shares of Rafineri Holding A.Ş. is to be paid in three equal installments. The first installment is to be paid by the signing of share purchase agreement. The second installment is due on the date on which testing at the STAR Refinery commences and the final installment will be done on the date of transfer of shares. Purchase price at the amount of U.S.$ 720 million is determined based on the valuation report which aims to determine fair value of Rafineri Holding as at 31.12.2018, prepared by DRT Kurumsal Finans Danışmanlık Hizmetleri A.Ş. (Valuation Report). In the report fair value of Rafineri Holding is estimated in the range of U.S.$ 2.385 million and U.S.$ 3.608 million, base scenario is U.S.$ 2.930 million. By applying %15 minority discount on those amount fair value of 30% shares of Rafineri Holding A.Ş. is calculated in the range U.S.$ 608-920 million and U.S.$ 747,1 million as the base scenario. By taking into consideration that the payments for share acquisition will be made prior to 31.12.2018, a discount shall be made from base price (USD 747,1 million) and share purchase price is thereby decided to be as USD 720 million. Summary of relavent Valuation Report is attached. |
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.