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oda_ExplanationTextBlock| | The public disclosure of inside information regarding the concordat application filed by our Company on October 16, 2026, was postponed by our Board of Directors pursuant to Article 6 of the Capital Markets Board's Communiqué on Material Events Disclosure (II-15.1), in order to protect the legitimate interests of our Company and its investors. Accordingly, this disclosure is being made following the temporary moratorium decision issued by the Ankara 2nd Commercial Court of First Instance on October 19, 2026. Within the scope of the concordat application filed by our Company, the Ankara 2nd Commercial Court of First Instance, by its decision dated October 19, 2026, granted a temporary moratorium for a period of three months, effective as of 17:10 on October 19, 2026, pursuant to Articles 286 and 287 of the Enforcement and Bankruptcy Law. Since its establishment, our Company has pursued an investment-driven growth strategy based on its confidence in Türkiye and the sectors in which it operates, undertaking significant investments in various fields, particularly construction, energy and mining. Through these investments, we have aimed to achieve sustainable growth while prioritizing our contribution to the national economy, production and employment. As of today, our Company maintains a strong asset base and operational foundation comprising ongoing construction and contracting projects, a portfolio of high-quality real estate and tangible fixed assets, and renewable energy investments. According to our consolidated financial statements as of June 30, 2026, our Company has total equity of TRY 9.2 billion, with investment properties accounting for 28.5% of total assets and property, plant and equipment, largely consisting of ongoing and completed projects and investments, representing 50.3%. However, a precautionary measure recently imposed on our Company's controlling shareholder in his personal capacity, despite being unrelated to our Company's legal entity and operations, has adversely affected the approach of financial institutions towards our Company. Following this development, the significant restriction of financing opportunities provided by banks and brokerage firms, together with disruptions to the normal course of our existing financial relationships, has placed considerable pressure on short-term liquidity, despite our strong equity position and substantial tangible assets. During the same period, the insufficient availability of the anticipated financial and operational cooperation from public institutions in connection with our ongoing projects and business activities has further increased pressure on our cash flows. We would like to emphasize that these developments do not arise from any deterioration in the economic value of our Company's assets or operations. Of the total TRY 3.6 billion in bank loans reported in our consolidated balance sheet as of June 30, 2026, approximately TRY 2.5 billion consists of loans utilized by our 51%-owned subsidiary, Ral Enerji A.Ş., primarily to finance energy investments. Direct financial indebtedness at the holding company level remains limited relative to our total assets and equity. As a result of these circumstances, which have developed independently of our Company's operational performance, difficulties in accessing financing and the resulting short-term liquidity pressures have made it necessary to seek protection under the concordat provisions, with the aim of preserving our Company's economic value, ensuring the continuity of its operations and investments, and safeguarding the rights and interests of our investors, employees, business partners and creditors. We regard the concordat process initiated within this framework not as a step towards the cessation of our Company's operations, but rather as a legal and financial protection mechanism designed to preserve our existing asset base, facilitate the restructuring of our financial obligations and enable the uninterrupted continuation of our business activities. Within the legal protection provided by the temporary moratorium granted by the Court, our Company will prioritize the sustainability of its operations and the preservation of its economic value. As in the past, we will continue to act with full awareness of our responsibilities towards our investors, employees, business partners and all other stakeholders. Respectfully announced to the public and our investors. The English translation of this disclosure is attached hereto. In the event of any discrepancy between the Turkish and English versions, the Turkish version shall prevail. | ||||||||
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.
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