As stated in our material event disclosure dated 28.11.2022, various alternative investment opportunities in Turkey and abroad have been evaluated in order to investigate and consider investment opportunities in the fields of Tourism Investments and to make appropriate investments in order to develop our company's current fields of activity and to increase the income diversity of our group.
In the first phase, a mid-scale hotel will be built in Fethiye District of Muğla to serve the upper segment. The total investment budget is USD 23 Mn and the investment is expected to be funded from equity and free cash flow.
With the decision of the Board of Directors of the Company dated 05.05.2023, it was decided to postpone the disclosures regarding the tourism studies until the clarification of the project within the scope of Article 6 of the Communiqué on Material Events numbered II.15.1, taking into account the protection of the legitimate interests of the company, the size of the activity on the balance sheet and the competitive environment in the market during the period of examination of the investment alternatives and evaluation of the investment project, and the related postponement has been lifted as of this disclosure.
In contradiction between the Turkish and English versions of this document, the Turkish version shall prevail.
