[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
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English
oda_MaterialEventDisclosureGeneralAbstract|
Material Event Disclosure General
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Update Notification Flag
Evet (Yes)
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Correction Notification Flag
Hayır (No)
oda_DateOfThePreviousNotificationAboutTheSameSubject|
Date Of The Previous Notification About The Same Subject
30.01.2015, 18.06.2015, 12.10.2015, 04.12.2017, 05.11.2018, 18.02.2020, 19.09.2022 and 17.07.2023
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Postponed Notification Flag
Hayır (No)
oda_AnnouncementContentSection|
Announcement Content
oda_ExplanationSection|
Explanations
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It was stated in our announcements referenced above that, Tekfen-TML Joint Venture (TTJV), in which Tekfen Construction has a 67% share, has undertaken the Great River Project in Libya, having been halted for an indefinite period on February 21, 2011 owing to events taking place in the aforesaid country and that commercial arbitration initiated by the International Court of Arbitration of the International Chamber of Commerce (ICC) against the employer administration, Libyan Man-Made River Authority (MMRA) and the State of Libya, for the purpose of indemnifying all our rights and receivables that have been fulfilled but not paid for pursuant to the Project Contract. According to the interim decision given by the Arbitration Panel on the payment of USD45,498,639 in favor of TTJV as a result of the lawsuit, it was announced that TTJV and the employer administration MMRA reached an agreement to make a net payment of USD35,407,956 to TTJV. It was also announced that, as the first part of this amount, USD12,678,322 after deducting the amount decided to be paid by TTJV to Libya in the second arbitration, remaining net amount of USD9,013,433.24 was collected, and further negotiations were ongoing regarding the payment plan of the remaining USD22,729,634.

As a result of the negotiations with the employer administration officials, it has been agreed that the unsecured receivable amounting to USD 22,729,634 remaining from the amount given to the TTJV by the Arbitration Committee, will be paid in four instalments of different amounts until 31.12.2025. This agreement will have an additional profit impact of US$19 million in total on our 2023 second quarter financial statements, including US$ 4 million stated in our statement dated 17.07.2023.