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Related Companies
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[TRCAS]
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Related Funds
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English
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Hayır (No)
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Hayır (No)
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Hayır (No)
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As disclosed in our Company's public disclosure dated 19 December 2016, with an aim to improve effective management of our subsidiaries portfolio, it had been resolved to take over Turcas Enerji Holding A.Ş.s (98.67% direct shareholder of Turcas Elektrik Üretim A.Ş. (TEÜAŞ) and Turcas Petrol A.Ş.s 99.99% subsidiary) and real persons 195.360.019 lot shares in TEÜAŞ, subject to the approval of regulatory bodies and pre-approval of TEÜAŞs financing corporations.
At this time on 20 January 2017, again with an aim to effectively manage subsidiaries portfolio and financial resources within the group and enhance resource optimization, Board of Directors of Turcas Petrol A.Ş. resolved to merge with TEÜAŞ whereby all of its assets and liabilities shall be transferred to our Company following the acquisition of TEÜAŞ shares, subject to the approval of regulatory bodies and financing companies. In this regard, it has been resolved to carry out necessary transactions in accordance with Turkish Commercial Code, Capital Markets Law and related legislation.
More effective and active hedging mechanism is aimed with this merger transaction via reclassification of foreign currency denominated long term investment loans within the group under the same balance sheet of our Company, which has foreign currency denominated revenues.
Further developments will be shared with the public on a timely basis.
Kind regards,
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