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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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-
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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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05/03/2019
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oda_WereMajorityOfIndependentBoardMembersApprovedTheBoardDecisionForAcquisition|
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Yes
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oda_TitleOfNoncurrentFinancialAssetAcquired|
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United LPG Ltd.
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oda_FieldOfActivityNoncurrentFinancialAssetWhoseSharesWereAcquired|
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Liquid Petroleum Gas (LPG) supply, filling and distribution
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oda_CapitalOfNoncurrentFinancialAsset|
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100.000.000 Taka (approximately 1.250.000 USD)
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oda_AcquirementWay|
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Satın Alma (Purchase)
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oda_DateOnWhichTheTransactionWasWillBeCompleted|
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Closing shall be subject to the realization of certain conditions precedents set forth in the Contract, including the extension of the duration of the Company's license.
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oda_AcquisitionConditions|
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Peşin (Cash)
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oda_DetailedConditionsIfItIsATimedPayment|
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-
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oda_NominalValueOfSharesAcquired|
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50.000.000 TK (Taka)
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oda_PurchasePricePerShare|
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Nominal value
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oda_TotalPurchasingValue|
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50.000.000 Taka (approximately 625.000 USD)
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oda_RatioOfNewSharesAcquiredToCapitalOfNoncurrentFinancialAsset|
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50%
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oda_TotalRatioOfSharesOwnedInCapitalOfNoncurrentFinancialAssetAfterTransaction|
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50%
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oda_TotalVotingRightRatioOwnedInNoncurrentFinancialAssetAfterTransaction|
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50%
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oda_RatioOfNoncurrentFinancialAssetAcquiredToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
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0,05%
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oda_RatioOfTransactionValueToSalesInLatestAnnualFinancialStatementsOfCompany|
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0,03%
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oda_EffectsOnCompanyOperations|
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Within the scope of our business development process, it is expected to benefit our growth strategy abroad.
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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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United Enterprises & Co. Ltd
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oda_IsCounterPartyARelatedPartyAccordingToCMBRegulations|
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Hayır (No)
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oda_RelationWithCounterPartyIfAny|
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No relationship
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oda_AgreementSigningDateIfExists|
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05/03/2019
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oda_ValueDeterminationMethodOfNoncurrentFinancialAsset|
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Negotiation
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oda_DidValuationReportBePrepared|
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Düzenlenmedi (Not Prepared)
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oda_ReasonForNotPreparingValuationReportIfItWasNotPrepared|
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Non-mandatory
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oda_DateAndNumberOfValuationReport|
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-
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oda_TitleOfValuationCompanyPreparedReport|
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-
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oda_ValueDeterminedInValuationReportIfExists|
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-
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oda_ReasonsIfTransactionWasntWillNotBePerformedInAccordanceWithValuationReport|
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-
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oda_ExplanationSection|
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oda_ExplanationTextBlock|
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In line with our growth strategy abroad, Share Purchase Agreement (‘Contract') is signed, where Aygaz A.Ş. ('Buyer') shall buy 50% of the shares (‘Sales Shares') of United LPG Ltd (‘Company')- with a pre-license for LPG filling facility but no current operations yet - of United Enterprises & Co. Ltd. (‘Seller'), which is part of the United Group in Bangladesh, with a total value of 50,000,000 Taka (Fifty million Taka)( approximately 625,000 USD) to be paid in cash at the date of completion of Share Transfer Transactions (‘Closing') and establish a partnership (‘Joint Venture Company' ) based on the principles of equal management in order to operate in LPG supply, filling and distribution in the Bangladesh market and for the necessary investments. Closing shall be subject to the realization of certain conditions precedents set forth in the Contract, including the acquisition of necessary permits. In the event that conditions precedents set forth in the Contract cannot be completed by March 31,2020, the Contract will be terminated automatically. On Closing, various other contracts, including the Shareholders Agreement, Land Lease Agreements, Throughput Agreements, included in the Contract and which regulate the rights of the Buyer and the Seller, shall be signed. In Shareholders Agreement, the principles such as the principles of election of the board of directors and senior executives for joint management of the Joint Venture Company, share purchase, share sales options and the conditions of termination are defined in case of control change in any of the parties. Regarding the investments in the first four years, which will be initiated following the acquisition of the necessary permits in the Shareholders Agreement, capital increase of USD 75 million and USD 80 million long-term bank loan financing at most are envisaged, which shall be made in parallel with the market and sales developments and in proportion of the shares of the parties. The Seller United Enterprises & Co. Ltd. (UECL) was established in 1978 and has become one of the pioneering companies in the country. UECL has a diverse investment portfolio spanning from power generation to healthcare, education, real-estate, construction, port, yarn spinning, specialized services, shipping and logistics among others. |
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.