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English
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oda_NoncurrentAssetSaleAbstract|
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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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Evet (Yes)
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oda_AnnouncementContentSection|
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oda_NatureOfNonCurrentAssetSold|
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Production facility
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oda_LocationAndAreaOfNoncurrentAssetSold|
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Wroclaw, Poland, 223,089 square meters in total including the factory, roads, parking lots and vacant spaces
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oda_BoardDecisionDateForSale|
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21/02/2020
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oda_WereMajorityOfIndependentBoardMembersApprovedTheBoardDecisionForSale|
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Yes
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oda_TotalSalesValue|http://www.xbrl.org/2003/role/verboseLabel
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USD 31,4 million
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oda_RatioOfTransactionAmountToValueOfCompanyBasedOnTheMathematicalWeightedAverageOnADailyBasisSixMonthsPriorToDateOfBoardDecision|
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%4,7
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oda_RatioOfSalesPriceToPaidInCapitalOfCompany|
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%58
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oda_RatioOfSalesValueToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
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%1,0
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oda_RatioOfSalesValueToTotalNetNoncurrentAssetsInLatestDisclosedFinancialStatementsOfCompany|
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%5,8
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oda_RatioOfValueOfNoncurrentAssetToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
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%0,8
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oda_RatioOfTransactionValueToSalesInLatestAnnualFinancialStatementsOfCompany|
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%1,2
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oda_SalesConditions|
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Peşin (Cash)
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oda_DateOnWhichRheTransactionWasWillBeCompleted|
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--
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oda_AimOfSaleAndEffectsOnCompanyOperations|
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The facility, which is subject to sale is a TV assembly plant, which is being sold as part of cost optimization. The sale is expected to have a positive impact on the activities of Vestel Elektronik Sanayi ve Ticaret AŞ.
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oda_ProfitLossArisedAfterSaleOfNoncurrentAsset|
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Will be given in the footnotes of Vestel Elektronik's consolidated financial statements for the January 1- March 31, 2020 period.
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oda_HowWillSalesProfitBeUsedIfExists|
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--
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oda_BoardDecisionDateForUseOfSalesProfitIfExists|
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--
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oda_CounterParty|
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LG Chem Wroclaw Energy Sp. zo. o.
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oda_IsCounterPartyARelatedPartyAccordingToCMBRegulations|
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Hayır (No)
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oda_NatureofRelationWithCounterParty|
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--
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oda_AgreementSigningDateIfExists|
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28/02/2020
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oda_ExercisePriceOfRetirementRightRelatingToSignificantTransaction|
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--
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oda_ValueDeterminationMethodOfNoncurrentAsset|
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Both the Buyer and the Seller have prepared valuation reports. The parties determined the sales price by negotiation based on the prices resulting from the valuation reports.
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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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08.11.2019
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oda_TitleOfValuationCompanyPreparedReport|
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AEDIUM Civil Co.
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oda_ValueDeterminedInValuationReportIfExists|
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USD 36 million
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oda_ReasonsIfTransactionWasntWillNotBePerformedInAccordanceWithValuationReport|
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Sales price is determined by negotiation.
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oda_ExplanationSection|
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oda_ExplanationTextBlock|
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Vestel Polska Technology Center sp. z o.o., which is %100 owned by our wholly-owned subsidiary Vestel Ticaret AŞ ("Vestel Ticaret"), transferred its TV assembly facility together with its building and land in Wroclaw Poland to LG Chem Wrocław Energy Sp. zo.o. for USD 31.4 million on February 28, 2020. Polish transaction advisory firm JP Weber Dudarski sp.k. has acted as the exclusive sell-side advisor to Vestel Elektronik Sanayi ve Ticaret AŞ.
The title of Compal Electronics Europe sp. z o.o., which was acquired on December 30, 2016 within the scope of the brand licensing agreement signed with Toshiba Visual Solutions Corporation on September 1, 2016, was changed to Vestel Polska Technology Center sp. z o.o. after the acquisition.
The afore-mentioned facility is a TV assembly plant, which is being sold as part of cost optimization.
The fixed asset sale of our indirect subsidiary Vestel Polska Technology Center sp. z o.o., is not considered to be a "Material Transaction" as per the materiality criteria calculations done pursuant to the Capital Markets Board's "Communiqué on the Common Principles Regarding Material Transactions and the Right to Dissociate (II-23.1).
Public disclosure of the afore-mentioned fixed asset sale transaction was postponed until the signing of a binding sale agreement with a Board resolution dated 21.02.2020 and numbered 2020/9 in accordance with the Article 6 of the Capital Markets Board's Communiqué on Material Events Disclosure. The announcement was postponed as the signing of a binding sale agreement was not certain at the time of the signing of the non-binding offer letter between the parties in order not to mislead investors. This disclosure is made as the reason for the postponement has ended with the signing of a final sale agreement and completion of the sale transaction.
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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.