Latest Updates from BIST: Investment from YEOTK, Management Changes at GARAN, and Imposed Restrictions on Stocks
Among the announcements made by BIST companies to KAP, YEO Technology's strategic acquisition and Kafein Software's (KFEIN) rise in the Google (GOOGL) Cloud partnership stand out. Additionally, it is observed that several significant financial and commercial steps have been taken, including Mega Metal’s solar power plant projects, European REIT's share buyback program, Vestel Electronics’ (VESTL) real estate investment, Galatasaray Sportif’s (GSRAY) facility rental, Erciyas Çelik Boru's (ERCB) major investment plans, and changes in senior management at Garanti BBVA.
Shares subject to measures under the VBTS framework
Borsa Istanbul announced that, in accordance with the Capital Markets Board's decision, shares of ICUGS, PAPIL, and RAYSG will be subject to credit transactions until January 3, 2025, starting from the transactions on December 5, 2024, under the Volatility-Based Precaution System (VBTS).
YEO Technology's strategic acquisition
YEO Technology Energy and Industry Inc. (YEOTK) has signed an agreement to purchase a 50% stake in Intelligent Global Construction (IGC) and Intelligent Industries LLC, based in Abu Dhabi. This acquisition will enable operations in areas such as substation design, automation, control, and management systems. The agreement also involves the establishment of a new company that will be equally owned by both parties.
Kafein Software's rise in the Google Cloud partnership
Kafein Software has elevated its partnership with Google Cloud to Premier Partner level. This advancement was achieved based on criteria such as the number of certifications, customer acquisition, and total sales. The Premier Partner Level allows for greater benefits from Google Cloud's offerings.
Mega Metal's solar power projects ready for operation
Mega Metal San. ve Tic. A.Ş. (MEGMT) plans to put its solar power projects in Kütahya and Bilecik into operation by December 2024. Settlement operations for Kütahya Solar Power Plant will begin in January 2025, while for Bilecik Solar Power Plant, they will commence in February 2025. Work is ongoing for the Tunceli Solar Power project, with operational dates anticipated to be in March or April 2026.
European REIT's share buyback program concluded
European REIT (AVPGY) has terminated its share buyback program as of December 4, 2024. Under the program, a total of 2,598,872 shares were repurchased, with a total cost of 118,997,920.45 Turkish Lira. The results of the buyback program will be presented to shareholders at the next general assembly meeting.
Vestel Electronics acquired Levent Baza Real Estate Investment
Vestel Electronics’ subsidiary, Vestel Ticaret, has purchased all shares of Levent Baza Real Estate Investment. The acquisition, completed for a total of 502,464,000 Turkish Lira, was performed to strengthen Vestel's global brand image and marketing strategies.
Galatasaray Sportif rented the Kemerburgaz facilities
Galatasaray Sportif has rented the Metin Oktay Facilities in Kemerburgaz from Galatasaray Sports Club. The leasing agreement, which will last until 2052, was made for a minimum monthly fee of 8,625,000 Turkish Lira.
Erciyas Çelik Boru's Kayseri investment
Erciyas Çelik Boru plans a $140 million wagon factory investment in the Kayseri Free Zone. The first phase of the investment will be completed with a budget ranging from $45 to $55 million. The new facility will increase annual wagon production to 3,000 units.
Garanti BBVA senior management changes
Garanti BBVA (GARAN) and its subsidiaries underwent senior management changes. Tuba Köseoğlu Okçu, formerly the Deputy General Manager responsible for Talent and Culture, has been replaced by Ebru Taşcı Firuzbay. The new general manager of Garanti BBVA Investment will be Hülya Türkmen from Garanti BBVA Portfolio. Eyüp Gülsün will be appointed as the General Manager of the Portfolio, and Selahattin Güldü will take over the General Management of Garanti BBVA Factoring. Orhan Veli Çaycı will head Garanti BBVA Leasing, while Burak Ali Göçer will lead Garanti BBVA Fleet, and Gökhan Koca will be the new general manager of Garanti BBVA Retirement. These changes reflect Garanti BBVA's goal of enhancing organizational dynamism through its rotation culture. The appointments will take place following the completion of internal processes and legal approvals.