Erdemoğlu Holding undertakes SASA’s borrowing


Erdemoğlu Holding continues its investments in SASA Polyester. SASA Polyester announced this morning to the Public Disclosure Platform (KAP) that the contingent convertible debt instrument that it issued after the approval given by the CMB on January 17, 2024 was purchased by Erdemoğlu Holding.

In the statement made by SASA to PDP before the session on the morning of January 19, 2024, it was stated that the CMB’s approval was obtained based on the request to determine “the amount of shares sold by Erdemoğlu Holding A.Ş. to qualified institutional investors residing outside Turkey on June 12, 2023 (66,937,802 shares)” and “the conversion price to be taken as basis for the conversion of the debt instrument will be equal to the share price in the transaction (53.00 TL)”.

With Erdemoğlu Holding’s purchase of the debt instruments in question, SASA’s issuance transaction was realized with a total nominal amount of 3 billion 547 million 703 thousand 506 TL.

In the statement made by the Holding, the following statements were made: “Erdemoğlu Holding has acquired contingent PDTs issued by SASA with a total nominal amount of TL 3,547,703,506. In the event that the conversion condition (the ratio of Net Financial Debt to Earnings Before Depreciation, Interest, Taxes, Depreciation and Amortization in SASA’s financial statements dated June 30, 2024 is above 1) is realized, 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.”

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