Mavi Giyim Sanayi ve Ticaret : Amendments to the Related Party Transactions Policy
February 16, 2023 at 03:39 am EST
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Under the Company's internal regulation titled as "Related Party Transactions Policy" ("Internal Regulation"), which is described in section "17.4 Explanation Regarding the Assessment of the Company in Relation to CMB's Corporate Governance Principles" of the public offering prospectus of the Company, the principles regarding the supervision, reporting and public disclosure of related party transactions and the criteria relevant to these principles are determined.
As a result of the evaluations made by our Company's Board of Directors, it was decided; - to replace the "gross profit" criterion, which was determined as the materiality threshold criterion in the non-continuous transactions section of the Internal Regulation, with the "revenue" criterion in line with the regulations of the Capital Markets Board,
- to introduce a 1% materiality threshold based on the "revenue" and "cost of sales" criteria included in the regulations of the Capital Markets Board for continuous related party transactions described in the Internal Regulation, in order to ensure parallel proportionality with the threshold envisaged for non-continuous related party transactions, and by taking into account the increase in the supervision obligation of the Audit Committee due to the fact that no materiality threshold is applicable for the Audit Committee works with regard to continuous related party transactions and the public disclosure of low amount continuous related party transactions required as per the Internal Regulation does not affect investors' decision,
The amendments mentioned hereabove is relevant to the amendments made in the Internal Regulation. The obligations arising from article 9 which is titled as "Transactions to be Executed with Related Parties" and article 10 which is titled as "Widespread and Continuous Related Party Transactions" of the Capital Markets Board Corporate Governance Communique II.17.1 are reserved.
Within the framework of the above explanations; it has been decided that this change shall be implemented as of 01.02.2023 and necessary explanations shall be made on the Public Disclosure Platform.
We proclaim that our above disclosure is in conformity with the principles set down in "Material Events Communiqué" of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we're personally liable for the disclosures.
This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.
Mavi Giyim Sanayi ve Ticaret AS published this content on 16 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2023 08:38:01 UTC.
Mavi Giyim Sanayi ve Ticaret AS is a Turkey-based company, which designs and manufactures apparel and accessories, under the Mavi brand, for both women and men. The Company offers pants, jackets, shirts, shorts, dresses, skirts, and joggers. The Company operates more than 390 mono-brand Mavi stores with particular presence in Turkey, the United States (following the acquisition of Mavi USA), Canada (following the acquisition of Mavi Canada), Europe (centered on Germany) and Russia, more than 5,000 global points of sale, as well as an online store. It has a retail base in Turkey with more than 200 mono-brand retail stores, more than 60 franchise-operated mono-brand retail stores and more than 400 multi-brand points of sale across the country. Its wholesale partners include Nordstrom, Bloomingdaleâs and Peek & Cloppenburg.