[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
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Our Board of Directors has decided to apply for the necessary approvals for the merger of our Company with Fıratcan İnşaat Turizm ve Ticaret Anonim Şirketi "Fıratcan", in which our Company has 100% shareholding, by "taking over" all of its assets and liabilities as a whole by our Company, within the scope of the relevant provisions of the Turkish Commercial Code and CMB, within the provisions of the merger in the facilitated procedure.
With this merger, our Company, which has maximized its sustainable rental revenues in the last 2 years, aims to incorporate the ongoing investment of Fıratcan, of which it owns 100% by acquiring 49% shares on 18.07.2023, and to significantly increase its revenues starting from 2024.
Fıratcan is involved in the construction of the High Speed Train Viaduct and Terminal in Kadıköy Söğütlüçeşme and the operation of the commercial areas until 2051, which has been contracted to TCDD. The investment, worth USD 45 million in total, is expected to be completed and put into operation in the first quarter of 2024. Annual rental income of USD 10 million and EBITDA of USD 7 million is expected from the leasable area consisting of a food and beverage center, culture and arts area and parking lot with a total area of 19 thousand m², which will be created in the area where 120 thousand people pass by daily.