Last checked at 22 Aug 2008 10:08
21.08.2008 The Sale of Turk Pirelli Lastikleri A.S. and Celikord A.S.
Related to our letter dated 17.07.2008 nr.CY-779
As per the resolution of the Board of Directors dated 21.08.2008, the sale of
Isbank's 25.75 % share in Turk Pirelli Lastikleri A.S. with a nominal value of TRY 36,055,801.01 for an amount of TRY 46,500,000 in cash and,
Isbank's 48% share in Celikord A.S. with a nominal value of TRY 13,920,000.00 for an amount of TRY 28,500,000 in cash
to Pirelli Tyre Holland N.V., which is one of the major and current shareholders in Pirelli Group, has been ratified. The Head Office has been authorized to sign the sales agreement and related documents, and execute the transactions for the sale of Isbank's abovementioned shares.
The sales agreement was signed on 21.08.2008 and a total amount of TRY 75,000,000 has been collected as the sales value in exchange for the receipts delivered to the buyer.
The valuation of an expert consultancy firm in 2007 and bargaining in the light of financial statements determined the share price.
After the finalization of the sale, Isbank will have no direct share in Turk Pirelli Lastikleri A.S. and Celikord A.S.
TRY 6,893,363.63 of profit from the sale of Turk Pirelli Lastikleri A.S. and TRY 5,515,374.34 of profit from the sale Celikord A.S. are realized from sale of shares, according to their net balance sheet values. There has not been any decision taken by the Board of Directors related to the use of the total sales profit of TRY 12,408,757.97.