In the disclosure it made to KAP this morning, SASA Polyester announced that the conditionally convertible debt instrument it issued following the approval granted by the CMB on January 17, 2024, was purchased by Erdemoğlu Holding.
In the statement made by SASA Polyester to KAP before the session on the morning of January 19, 2024, it was stated that the approval was received from the CMB based on the request for determining that "it will correspond to the amount of shares (66.937.802 shares) sold by Erdemoğlu Holding A.Ş. to qualified institutional investors residing outside of Turkey on June 12, 2023" and "the conversion price to be taken as a basis for the conversion of the debt instrument will be equal to the share price in the transaction (TL 53.00)."
Upon the purchase of the debt instruments in question by Erdemoğlu Holding, the issuance transaction of SASA was realized with a total nominal amount of 3.547.703.506 TL.
The statement made by the Holding included the following:
“With the transaction, Erdemoğlu Holding purchased the contingent PDT issued by SASA with a total nominal amount of 3.547.703.506 TL. If the conversion condition (the ratio of Net Financial Debts to Earnings Before Depreciation, Interest and Taxes in SASA's financial statements dated June 30, 2024 is over 1) is fulfilled, the debt instruments held by Erdemoğlu Holding will be converted into newly issued SASA shares. The conversion will take place at a price approximately 40 percent above the closing price level of SASA shares on Friday, January 19, 2024. In this way, Erdemoğlu Holding has once again confirmed its long-term investment commitment to its subsidiary SASA Polyester.”
Source of News: Analiz News
Link to the News: https://l24.im/0L1f
