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Related Companies
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Related Funds
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English
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oda_NoncurrentFinancialAssetSaleAbstract|
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oda_UpdateAnnouncementFlag|
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Hayır (No)
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oda_CorrectionAnnouncementFlag|
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Hayır (No)
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oda_DateOfThePreviousNotificationAboutTheSameSubject|
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10/12/2021
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oda_DelayedAnnouncementFlag|
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Hayır (No)
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oda_AnnouncementContentSection|
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oda_BoardDecisionDateForSale|
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21/12/2021
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oda_WereMajorityOfIndependentBoardMembersApprovedTheBoardDecisionForSale|
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Yes
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oda_TitleOfNoncurrentFinancialAssetSold|
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Turcas Kuyucak Jeotermal Elektrik Üretim A.Ş.
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oda_FieldOfActivityNoncurrentFinancialAssetSold|
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Power Generation
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oda_CapitalOfNoncurrentFinancialAssetSold|
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58,100,000 TL
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oda_DateOnWhichRheTransactionWasWillBeCompleted|
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Subsequent to fullfilment of legal permits and satisfaction of agreed conditions
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oda_SalesConditions|
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Diğer (Other)
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oda_NominalValueOfSharesSold|
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58,100,000 TL
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oda_SalesPricePerShare|
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0.42 USD per Share (Excluding conditional payments) The final consideration may increase by an additional interest amount depending on the date of the closing of transaction.
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oda_TotalSalesValue|
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"Based on an Enterprise Valuation of 63,732,931 USD; (i) Net Debt of 39,455,168 USD (TKJ's net debt as of 31.12.2020) will be acceeded by the Buyer, and (ii) Cash payments of 24,277,763 USD will be made to Turcas Petrol A.Ş. as Share Sales Proceeds. The final consideration may increase by an additional interest amount depending on the time period between 2021 year end and the date of closing of the transaction. Of this amount; 20,544,832 USD will be paid on the date of the share transfer while the remaining 3,732,931 USD will be paid latest within the 12 months following the share transfer date. In addition to the Share Sale Proceeds given above in item (ii), further payments, total of which are expected to be around 4,500,000 USD, might be paid to the Seller in case and at the date of the achievement of certain conditions with regards to the realization of a potential capacity extension (new power plant) investment by the Buyer within the same concession zone."
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oda_RatioOfSharesSoldToCapitalOfNoncurrentFinancialAsset|
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100%
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oda_TotalRatioOfSharesOwnedInCapitalOfNoncurrentFinancialAssetAfterSalesTransaction|
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0%
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oda_TotalVotingRightRatioOwnedInNoncurrentFinancialAssetAfterSalesTransaction|
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0%
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oda_RatioOfNoncurrentFinancialAssetSoldToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
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21.45%
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oda_RatioOfTransactionValueToSalesInLatestAnnualFinancialStatementsOfCompany|
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266.03% (Excluding conditional payments)
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oda_EffectsOnCompanyOperations|
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The share sale is not expected to have a negative effect on the Company's operations while it is expected to have a positive effect on the Company's balance sheet.
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oda_ProfitLossArisedAfterTransaction|
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Will be realized based on the TL equivalent of the Sale Amount on the closing date.
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oda_HowWillSalesProfitBeUsedIfExists|
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Sales proceeds will be utilized to decrease the consolidated and solo financial indebtedness of the Company.
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oda_BoardDecisionDateForUseOfSalesProfitIfExists|
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-
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oda_TitleNameSurnameOfCounterPartyBought|
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Albioma SA
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oda_IsCounterPartyARelatedPartyAccordingToCMBRegulations|
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Hayır (No)
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oda_RelationWithCounterPartyIfAny|http://www.xbrl.org/2003/role/verboseLabel
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None
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oda_AgreementSigningDateIfExists|
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21/12/2021
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oda_ValueDeterminationMethodOfNoncurrentFinancialAsset|
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Based on mutual commercial negotiations
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oda_DidValuationReportBePrepared|
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Düzenlenmedi (Not Prepared)
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oda_ReasonForNotPreparingValuationReportIfItWasNotPrepared|
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No regulatory requirement exists since it is not a related party transaction.
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oda_DateAndNumberOfValuationReport|
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-
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oda_TitleOfValuationCompanyPreparedReport|
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-
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oda_ValueDeterminedInValuationReportIfExists|
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-
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oda_ReasonsIfTransactionWasntWillNotBePerformedInAccordanceWithValuationReport|
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-
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oda_ExplanationSection|
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oda_ExplanationTextBlock|
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As previously announced in our Company's Public Disclosure dated December 10, 2021, it had been decided to evaluate the strategic options (including the option of a full exit) related to the shares owned in our %100-owned subsidiary Turcas Kuyucak Jeotermal Elektrik Üretim A.Ş. ("Turcas Kuyucak") which owns and operates the 18 MW Geothermal Power Plant in Kuyucak, Aydın.
In light of the above, a Share Purchase Agreement ("SPA") dated December 21, 2021 has been signed between Albioma SA, a French energy company listed on the Euronext Paris Stock Exchange, and Turcas Petrol A.Ş. with regards to the sale of %100 of the shares in Turcas Kuyucak. Completion of the transaction remains mainly subject to obtaining the necessary approvals from the related regulatory authorities and consent of the Creditor Bank of Turcas Kuyucak, as well as the fulfillment of the other conditions precedent set forth in the SPA.
Detailed information regarding the transaction is provided in the table attached to the Public Disclosure.
Developments regarding the subject matter will be duly shared with the public.
Best regards.
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