[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
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oda_NoncurrentFinancialAssetAcquisitionAbstract|
Noncurrent Financial Asset Acquisition
oda_UpdateAnnouncementFlag|
Update Notification Flag
Hayır (No)
oda_CorrectionAnnouncementFlag|
Correction Notification Flag
Hayır (No)
oda_DateOfThePreviousNotificationAboutTheSameSubject|
Date Of The Previous Notification About The Same Subject
30.06.2016
oda_DelayedAnnouncementFlag|
Postponed Notification Flag
Hayır (No)
oda_AnnouncementContentSection|
Announcement Content
oda_BoardDecisionDateForAcquisition|
Board Decision Date for Acquisition
-
oda_WereMajorityOfIndependentBoardMembersApprovedTheBoardDecisionForAcquisition|
Were Majority of Independent Board Members' Approved the Board Decision for Acquisition
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oda_TitleOfNoncurrentFinancialAssetAcquired|
Title of Non-current Financial Asset Acquired
Dawlance Private Limited (DPL), United Refrigeration Industries Limited (URIL), Pan Asia Private Equity Ltd (Pan Asia)
oda_FieldOfActivityNoncurrentFinancialAssetWhoseSharesWereAcquired|
Field of Activity of Non-current Financial Asset whose Shares were being Acquired
The acquired companies or their subsidiaries are engaged in the manufacturing, sales and marketing of refrigerators, freezers, washing machines, microwave ovens, air conditioners with Dawlance brand in Pakistan.
oda_CapitalOfNoncurrentFinancialAsset|
Capital of Noncurrent Financial Asset
DPL Paid in Capital: 519,129,000 Pakistan Rupee (PKR), URIL Paid-In Capital: 518,616,000 PKR, Pan Asia Paid-in Capital: USD 1,000
oda_AcquirementWay|
Acquirement Way
Satın Alma (Purchase)
oda_DateOnWhichTheTransactionWasWillBeCompleted|
Date on which the Transaction was/will be Completed
7 November 2016
oda_AcquisitionConditions|
Acquisition Conditions
Peşin (Cash)
oda_DetailedConditionsIfItIsATimedPayment|
Detailed Conditions if it is a Timed Payment
-
oda_NominalValueOfSharesAcquired|
Nominal Value of Shares Acquired
The entire shares of three companies (DPL,URIL,Pan Asia) are being acquired.
oda_PurchasePricePerShare|
Purchase Price Per Share
-
oda_TotalPurchasingValue|
Total Purchasing Value
Total Purchasing Value is USD 243,233,977 based on adjustments made at Closing.
oda_RatioOfNewSharesAcquiredToCapitalOfNoncurrentFinancialAsset|
Ratio of New Shares Acquired to Capital of Non-current Financial Asset (%)
100%
oda_TotalRatioOfSharesOwnedInCapitalOfNoncurrentFinancialAssetAfterTransaction|
Total Ratio of Shares Owned in Capital of Non-current Financial Asset After Transaction (%)
100%
oda_TotalVotingRightRatioOwnedInNoncurrentFinancialAssetAfterTransaction|
Total Voting Right Ratio Owned in Non-current Financial Asset After Transaction (%)
100%
oda_RatioOfNoncurrentFinancialAssetAcquiredToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
Ratio of Non-current Financial Asset Acquired to Total Assets in Latest Disclosed Financial Statements of Company (%)
5.07%
oda_RatioOfTransactionValueToSalesInLatestAnnualFinancialStatementsOfCompany|
Ratio of Transaction Value to Sales in Latest Annual Financial Statements of Company (%)
5.32%
oda_EffectsOnCompanyOperations|
Effects on Company Operations
This Acquisition will be beneficial for our growth strategy in emerging markets and will position our Company as the leader in Pakistan in white goods market
oda_DidTakeoverBidObligationArised|
Did Takeover Bid Obligation Arised?
Hayır (No)
oda_WillExemptionApplicationBeMadeIfTakeoverBidObligationArised|
Will Exemption Application be Made, if Takeover Bid Obligation Arised?
Hayır (No)
oda_TitleNameSurnameOfCounterParty|
Title/ Name-Surname of Counter Party
Bashir Dawood, Mariyam Dawood, Regula Limited
oda_IsCounterPartyARelatedPartyAccordingToCMBRegulations|
Is Counter Party a Related Party According to CMB Regulations?
Hayır (No)
oda_RelationWithCounterPartyIfAny|
Relation with Counter Party if any
There is no relation in terms of equity or management.
oda_AgreementSigningDateIfExists|
Agreement Signing Date if Exists
30/06/2016
oda_ValueDeterminationMethodOfNoncurrentFinancialAsset|
Value Determination Method of Non-current Financial Asset
Negotiation method
oda_DidValuationReportBePrepared|
Did Valuation Report be Prepared?
Düzenlenmedi (Not Prepared)
oda_ReasonForNotPreparingValuationReportIfItWasNotPrepared|
Reason for not Preparing Valuation Report if it was not Prepared
Preparation of a valuation report is not mandatory.
oda_DateAndNumberOfValuationReport|
Date and Number of Valuation Report
-
oda_TitleOfValuationCompanyPreparedReport|
Title of Valuation Company Prepared Report
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oda_ValueDeterminedInValuationReportIfExists|
Value Determined in Valuation Report if Exists
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oda_ReasonsIfTransactionWasntWillNotBePerformedInAccordanceWithValuationReport|
Reasons if Transaction wasn't/will not be performed in Accordance with Valuation Report
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oda_ExplanationSection|
Explanations
oda_ExplanationTextBlock|

Following the disclosure made on 30 June 2016, all Closing conditions regarding the acquisiton of production and sales companies operating in Pakistan under Dawlance brand have been satistifed. In this regard, the share purchase price is agreed as USD 243,233,977 taking into account the net debt adjustment and the property value adjustment of the transferred properties. Following the payment of the share purchase price amounting to USD 243,233,977 by our 100% subsidiary Ardutch B.V. incorporated in the Netherlands, the share transfer is expected to be completed by 7 November 2016.