In relation with the long term project financing loan of our joint venture company Boyabat Elektrik Üretim ve Ticaret A.Ş., the “junior” loan of USD 28,250,075.93 and Euro 25,575,430.24 for which we were the guarantors in the percentage of our participation share at Boyabat Elektrik Üretim ve Ticaret A.Ş. (33%) has been paid in cash and as a single payment to Akbank T.A.Ş. today. With this payment, our liability for the “junior” nature of the long term project financing loan, at Boyabat Elektrik Üretim ve Ticaret A.Ş. has ended and ceased completely.
As we have regularly disclosed to the public in the relevant footnotes of our financial report, the shares which we directly hold at Boyabat Elektrik Üretim ve Ticaret A.Ş. through Doğan Enerji Yatırımları Sanayi ve Ticaret A.Ş., in whose entire capital we participate in, and which represent 33% of the capital have previously been given as pledges to financial institutions due to other long term financial debts at Boyabat Elektrik Üretim ve Ticaret A.Ş., and other than those, there are no other direct or indirect pledges, guarantees, or surety procedures/liabilities we have installed in favor of Boyabat Elektrik Üretim ve Ticaret A.Ş.