[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
Related Companies
[NTHOL]
Related Funds
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English
oda_NoncurrentFinancialAssetSaleAbstract|
Non-Current Financial Asset Sale
oda_UpdateAnnouncementFlag|
Update Notification Flag
Evet (Yes)
oda_CorrectionAnnouncementFlag|
Correction Notification Flag
Hayır (No)
oda_DateOfThePreviousNotificationAboutTheSameSubject|
Date Of The Previous Notification About The Same Subject
29.12.2023,13.04.2023
oda_DelayedAnnouncementFlag|
Postponed Notification Flag
Hayır (No)
oda_AnnouncementContentSection|
Announcement Content
oda_BoardDecisionDateForSale|
Board Decision Date for Sale
13/04/2023
oda_WereMajorityOfIndependentBoardMembersApprovedTheBoardDecisionForSale|
Were Majority of Independent Board Members' Approved the Board Decision for Sale?
Yes
oda_TitleOfNoncurrentFinancialAssetSold|
Title of Non-current Financial Asset Sold
Akfen Gayrimenkul Ticareti ve İnşaat A.Ş. "Akfen GT"
oda_FieldOfActivityNoncurrentFinancialAssetSold|
Field of Activity of Non-current Financial Asset Sold
Creating a real estate portfolio
oda_CapitalOfNoncurrentFinancialAssetSold|
Capital of Non-current Financial Asset Sold
TRY 117,238,308
oda_DateOnWhichRheTransactionWasWillBeCompleted|
Date on which the Transaction was/will be Completed
12.01.2023
oda_SalesConditions|
Sales Conditions
Peşin (Cash)
oda_NominalValueOfSharesSold|
Nominal Value of Shares Sold
TRY 117,238,308
oda_SalesPricePerShare|
Sales Price Per Share
TRY 19
oda_TotalSalesValue|
Total Sales Value
USD 74,151,293 as USD 73,000,000 Fixed Consideration + USD 1,151,293 Variable Consideration equivalent to TL 34,592,909 (EUR 68,028,709) (TL 2,228,015,014)
oda_RatioOfSharesSoldToCapitalOfNoncurrentFinancialAsset|
Ratio of Shares Sold to Capital of Non-current Financial Asset (%)
100%
oda_TotalRatioOfSharesOwnedInCapitalOfNoncurrentFinancialAssetAfterSalesTransaction|
Total Ratio of Shares Owned in Capital of Non-current Financial Asset After Sales Transaction (%)
0%
oda_TotalVotingRightRatioOwnedInNoncurrentFinancialAssetAfterSalesTransaction|
Total Voting Right Ratio Owned in Non-current Financial Asset After Sales Transaction (%)
0%
oda_RatioOfNoncurrentFinancialAssetSoldToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
Ratio of Non-current Financial Asset Sold to Total Assets in Latest Disclosed Financial Statements of Company (%)
12%
oda_RatioOfTransactionValueToSalesInLatestAnnualFinancialStatementsOfCompany|
Ratio of Transaction Value to Sales in Latest Annual Financial Statements of Company (%)
435%
oda_EffectsOnCompanyOperations|
Effects on Company Operations
The amount from the sale will be used primarily to repay loans and other debts.
oda_ProfitLossArisedAfterTransaction|
Profit / Loss Arised After Transaction
EUR (4,857,195)
oda_HowWillSalesProfitBeUsedIfExists|
How will Sales Profit be Used if Exists?
The amount from the sale will be used primarily to repay loans and other debts.
oda_BoardDecisionDateForUseOfSalesProfitIfExists|
Board Decision Date for Use of Sales Profit if Exists
-
oda_TitleNameSurnameOfCounterPartyBought|
Title/ Name-Surname of Counter Party Bought
Merit Kıbrıs Turizm Ltd.
oda_IsCounterPartyARelatedPartyAccordingToCMBRegulations|
Is Counter Party a Related Party According to CMB Regulations?
Hayır (No)
oda_RelationWithCounterPartyIfAny|http://www.xbrl.org/2003/role/verboseLabel
Relation with Counter Party if any
None
oda_AgreementSigningDateIfExists|
Agreement Signing Date if Exists
-
oda_ValueDeterminationMethodOfNoncurrentFinancialAsset|
Value Determination Method of Non-current Financial Asset
Negotiated on the basis of appraisal value
oda_DidValuationReportBePrepared|
Did Valuation Report be Prepared?
Düzenlendi (Prepared)
oda_ReasonForNotPreparingValuationReportIfItWasNotPrepared|
Reason for not Preparing Valuation Report if it was not Prepared
-
oda_DateAndNumberOfValuationReport|
Date and Number of Valuation Report
21.12.2023 dated entity appraisal report
oda_TitleOfValuationCompanyPreparedReport|
Title of Valuation Company Prepared Report
Karar Bağımsız Denetim ve Danş. A.Ş.
oda_ValueDeterminedInValuationReportIfExists|
Value Determined in Valuation Report if Exists
EUR 72,885,904
oda_ReasonsIfTransactionWasntWillNotBePerformedInAccordanceWithValuationReport|
Reasons if Transaction wasn't/will not be performed in Accordance with Valuation Report
The transaction was realized at a discount of approximately 7% from the value in the valuation report. The transaction price was determined through a negotiated procedure and the developments and expectations in the market were taken into consideration in determining the said price.
oda_ExplanationSection|
Explanations
oda_ExplanationTextBlock|

USD 70,000,000 + Variable share price stated in our material event disclosure dated 13.04.2023 has been updated today (17.01.2024) as USD 73,000,000+Variable share price with the Share Transfer Agreement Annex No 1 Closing Reconciliation and the Board of Directors Decision dated 17.01.2024.

On 17.01.2024, all shares belonging to our subsidiary Akfen GT were transferred and the financial fixed asset sales transaction was finalized by collecting the consideration. With the said cash collection, a significant improvement has been achieved in the net indebtedness of our Company, and it is expected that a significant decrease in the financial liabilities of our Company will be achieved after the said cash is used in the payment of loans and other debts and a significant contribution to its financial sustainability is expected.

This statement was translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.