[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
Related Companies
[KCHOL]
Related Funds
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English
oda_MaterialEventDisclosureGeneralAbstract|
Material Event Disclosure General
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Update Notification Flag
Hayır (No)
oda_CorrectionAnnouncementFlag|
Correction Notification Flag
Hayır (No)
oda_DateOfThePreviousNotificationAboutTheSameSubject|
Date Of The Previous Notification About The Same Subject
14.07.2023
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Postponed Notification Flag
Hayır (No)
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Announcement Content
oda_ExplanationSection|
Explanations
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The decision to make an investment of up to USD 80,000,000 + VAT for the reconstruction of our Divan Talya Hotel and the renovation of the Conference Center, which was publicly disclosed in our material event disclosure dated 14.07.2023, has been re-evaluated by our Board of Directors;

Due to the approximately 7-month suspension in the construction process, the increase in the budgeted costs of both the works that were ongoing and those that had not yet started at the time of the suspension, caused by the impact of the economic conjuncture, and
Some of the improvements made in the project to support the targeted segment and profitability criteria at the current stage of the project

It has been decided to revise the amount of investment up to USD 100,000,000 + VAT due to its effects.

In line with the revised total investment amount, it is evaluated that USD 40 million of the USD 50 million financing requirement to be raised will be financed through a capital increase allocated to Koç Holding A.Ş., our main shareholder. There is no decision taken at this stage on the type, timing and amounts of other sources that may be on the agenda, primarily borrowing, for the remaining financing need, and the final financing structure envisaged may change depending on market conditions and the investment process.

Under the new investment plan, the hotel is targeted to be operational in the second quarter of 2026, when the tourism season is more intense.

Important developments on the subject will be shared with our investors through material event disclosures and annual reports.

This statement has been translated into English for informational purposes. In case of discrepancy between Turkish and English versions of this disclosure statement, the Turkish version shall prevail.