Project Cancellation by BRLSM, Revenue Target Increase by EKGYO, SANEL's New Subsidiary: Latest Updates from BIST Companies
According to the notifications made by companies traded on Borsa Istanbul, you can find our updated company news summary in the continuation of our content.
Ulusoy Elektrik to Use $5 Million Loan from Group Company
Ulusoy Elektrik (ULUSE) has decided to take a loan from its group companies to meet its working capital needs. According to a statement published on the Public Disclosure Platform (KAP), the company's board of directors approved the acquisition of a $5 million loan with a 3-year maturity from Eaton Domhanda Unlimited Company (Ireland), which is part of the same group, in a meeting held on November 13, 2024.
The loan transaction was assessed based on a valuation report prepared by an entity determined by the Capital Markets Board. According to the report prepared by Kuzey Yeminli Mali Müşavirlik ve Bağımsız Denetim A.Ş., an interest rate of 9.25% was set to finalize the transaction.
The report analyzed the weighted average interest rates applied to dollar-denominated loans announced by the Central Bank of the Republic of Turkey and data obtained from commercial banks. The interest rate range determined using the quarter-to-quarter range method was identified as 8.42%-9.30%. It was emphasized that the interest rate set by Ulusoy Elektrik complies with this range.
Orçay Signs Agreement for Sale of 1,260 Tons of Tea
Orçay Ortaköy Çay Sanayi (ORCAY) has reached an agreement with a domestic company for the sale of 1,260 tons of tea. In a statement made via KAP, it was noted that deliveries are planned to be completed by the end of 2024.
The agreement is considered part of Orçay's strategy to maintain its effectiveness in the domestic market. The sales contract is expected to positively contribute to the company’s annual turnover.
Birleşim Mühendislik Cancels Solar Energy Project
Birleşim Mühendislik's (BRLSM) subsidiary Solar Santral Enerji A.Ş. has canceled the GES installation contract signed with Japan-based Aisin Automotive. The reason for the cancellation was stated as the inability of Türkiye Elektrik İletim A.Ş. (TEİAŞ) to provide sufficient distribution capacity in the project area.
The company expressed that the project cancellation was carried out by mutual agreement. This project, announced earlier on July 31, 2023, included the establishment of a turnkey solar power plant.
Emlak Konut Increases Revenue Target for Merkez Ankara Project
Emlak Konut GYO (EKGYO) has signed an additional protocol to the contract made with the contracting company within the scope of the Merkez Ankara project. With this arrangement, the company's minimum revenue target has been raised from 4.45 billion TL to 5.35 billion TL.
This change in the Ankara Yenimahalle Station Land Sale Revenue Sharing project aims to increase the share the company will receive from the project. This update will be effective as of the date the contract comes into force.
Icu Girişim’s Subsidiary Adventus is Establishing a New Payment Platform
Icu Girişim (ICUGS) has initiated establishing a blockchain-based payment platform led by its subsidiary Adventus Venture Capital Trust plc. According to the KAP statement, this platform will serve external trade customers focusing on Commonwealth countries.
The new platform will provide services that allow transactions in 115 different currencies, virtual IBAN, virtual cards, and virtual POS services. Adventus will participate in this venture with a 20% share and has committed a total capital of £2 million.
San-El Mühendislik Establishes Healthcare Group Company
SAN-EL Mühendislik (SANEL) has formed a new healthcare group called Salacak Sağlık Yatırımları A.Ş. by merging its subsidiaries. The merger was registered in the Turkey Trade Registry Gazette on November 18, 2024.
Following the merger, the partnership structure of Salacak Sağlık Yatırımları A.Ş. was reorganized. SAN-EL Mühendislik owns 48.90% of the company’s shares, while the remaining shares are distributed among other individual partners.
IHEVA Shares Subject to Precaution
It was announced that shares of IHEVA will not be subject to margin trading starting from the beginning of the session on November 20, 2024, as part of the VBTS. This measure will be valid until the end of the session on December 19, 2024.