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English
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oda_MaterialEventDisclosureGeneralAbstract|
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Evet (Yes)
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Hayır (No)
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oda_DateOfThePreviousNotificationAboutTheSameSubject|
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18.01.2016, 18.03.2016, 17.05.2016 and 02.06.2016
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Hayır (No)
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We announced in our material events disclosures dated 18.01.2016, 18.03.2016, 17.05.2016 and 02.06.2016 that our subsidiary in Romania, Arctic S.A. carried out works to establish a new factory in Romania to produce washing machines (1.1 million capacity) and dishwashers (500 thousand capacity) with a total of EUR 105 million investment if up to EUR 37.5 million cash as incentive is obtained from Romanian state.
The investment project have been prepared after recent evaluations and on 3rd August 2016,
Arctic S.A. has
delivered the incentive application to the Incentive and State Aid Department of Romania State Ministry of Finance to establish a new factory in Romania to produce washing machines (2 million capacity). According to the application, incentive of EUR 36.1 million in cash is envisaged to receive over the amount of investment of RON 471 million (about EUR 105.8 million on current exchange rate). The investment project is planned to start in January 2017 and to be finalized in September 2019 depending on the receipt of incentive approval . The developments related to the incentive application will be disclosed to the public when finalized.
This statement has been 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.
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