Hepsiburada Announces Grant of All Regulatory Approvals for Change of Control and Call for Extraordinary General Assembly Meeting
Hepsiburada (NASDAQ: HEPS) has received all four required regulatory approvals for the previously announced sale of 65.4% of its outstanding shares to Joint Stock Company Kaspi.kz. The approvals came from the Turkish Competition Board, Banking Regulation and Supervision Agency, Information Technologies and Communications Authority, and Central Bank of the Republic of Türkiye.
The company has scheduled an Extraordinary General Assembly Meeting for January 31, 2025, at its Istanbul headquarters. The meeting agenda includes electing new Board of Directors members, amending several articles of the company's Articles of Association, and removing certain articles related to share transfers and share classes. Shareholders holding ADSs must exercise their voting rights through The Bank of New York Mellon.
Hepsiburada (NASDAQ: HEPS) ha ricevuto tutte e quattro le approvazioni regolatorie necessarie per la vendita precedentemente annunciata del 65,4% delle sue azioni in circolazione alla Joint Stock Company Kaspi.kz. Le approvazioni sono arrivate dal Consiglio di Concorrenza Turco, dall'Agenzia di Regolazione e Vigilanza Bancaria, dall'Autorità per le Tecnologie dell'Informazione e delle Comunicazioni e dalla Banca Centrale della Repubblica di Turchia.
L'azienda ha programmato un Assemblea Generale Straordinaria per il 31 gennaio 2025, presso la sua sede di Istanbul. L'agenda dell'incontro include l'elezione di nuovi membri del Consiglio di Amministrazione, la modifica di diversi articoli dello Statuto dell'azienda e la rimozione di alcuni articoli relativi ai trasferimenti di azioni e alle classi di azioni. Gli azionisti che detengono ADS devono esercitare i propri diritti di voto tramite The Bank of New York Mellon.
Hepsiburada (NASDAQ: HEPS) ha recibido las cuatro aprobaciones regulatorias requeridas para la venta previamente anunciada del 65.4% de sus acciones en circulación a la Joint Stock Company Kaspi.kz. Las aprobaciones provinieron de la Junta de Competencia Turca, de la Agencia de Regulación y Supervisión Bancaria, de la Autoridad de Tecnologías de la Información y las Comunicaciones y del Banco Central de la República de Turquía.
La compañía ha programado una Asamblea General Extraordinaria para el 31 de enero de 2025, en su sede de Estambul. La agenda de la reunión incluye la elección de nuevos miembros del Consejo de Administración, enmiendas a varios artículos de los Estatutos de la compañía y la eliminación de ciertos artículos relacionados con transferencias de acciones y clases de acciones. Los accionistas que posean ADS deben ejercer sus derechos de voto a través de The Bank of New York Mellon.
Hepsiburada (NASDAQ: HEPS)는 Joint Stock Company Kaspi.kz에 자신의 유통주식의 65.4%를 판매하기 위해 이전에 발표된 모든 네 가지 규제 승인을 받았습니다. 이 승인들은 터키 경쟁위원회, 은행 규제 및 감독청, 정보통신 기술 당국, 터키 공화국 중앙은행으로부터 받았습니다.
회사는 2025년 1월 31일 이스탄불 본사에서 임시 총회를 소집할 예정입니다. 회의 의제에는 새로운 이사회의 구성원 선출, 회사 정관의 여러 조항 개정, 주식 이전 및 주식 클래스와 관련된 특정 조항의 삭제가 포함됩니다. ADS를 보유한 주주들은 The Bank of New York Mellon을 통해 투표 권리를 행사해야 합니다.
Hepsiburada (NASDAQ: HEPS) a obtenu toutes les quatre approbations réglementaires requises pour la vente précédemment annoncée de 65,4 % de ses actions en circulation à la société par actions Kaspi.kz. Les approbations ont été données par l'Autorité turque de la concurrence, l'Agence de régulation et de supervision bancaire, l'Autorité des technologies de l'information et des communications, et la Banque centrale de la République de Turquie.
L'entreprise a programmé une Assemblée générale extraordinaire pour le 31 janvier 2025, dans son siège d'Istanbul. L'ordre du jour de la réunion comprend l'élection de nouveaux membres du conseil d'administration, la modification de plusieurs articles des statuts de l'entreprise, et la suppression de certains articles relatifs aux transferts d'actions et aux classes d'actions. Les actionnaires détenant des ADS doivent exercer leurs droits de vote par l'intermédiaire de The Bank of New York Mellon.
Hepsiburada (NASDAQ: HEPS) hat alle vier erforderlichen Genehmigungen der Regulierungsbehörden für den zuvor angekündigten Verkauf von 65,4% seiner ausstehenden Aktien an die Joint Stock Company Kaspi.kz erhalten. Die Genehmigungen stammen vom türkischen Wettbewerbsrat, der Bankenregulierungs- und Aufsichtsbehörde, der Behörde für Informations-Technologien und Kommunikation sowie der Zentralbank der Republik Türkei.
Das Unternehmen hat eine außerordentliche Hauptversammlung für den 31. Januar 2025 in seiner Zentrale in Istanbul einberufen. Die Tagesordnung umfasst die Wahl neuer Mitglieder des Vorstandes, die Änderung mehrerer Artikel der Satzung des Unternehmens sowie die Streichung bestimmter Artikel, die sich auf Aktienübertragungen und Aktienklassen beziehen. Aktionäre, die ADS halten, müssen ihr Stimmrecht über die Bank of New York Mellon ausüben.
- Secured all regulatory approvals for major ownership transition to Kaspi.kz
- 65.4% controlling stake transfer indicates strong strategic interest in the company
- None.
Insights
The regulatory approval clearance for Kaspi.kz's acquisition of a
The upcoming EGM on January 31st will focus on substantial corporate governance changes, particularly the proposed amendments to share transfer rights and voting mechanisms. These modifications typically signal a shift in corporate control and strategic direction. The removal of articles related to share classes and privileged votes suggests a streamlining of the ownership structure, likely to facilitate Kaspi.kz's integration plans.
For Hepsiburada, with a market cap of
The comprehensive regulatory approval package, spanning financial services, competition law, telecommunications and monetary policy authorities, reflects the transaction's cross-sectoral implications. The swift approval timeline (less than 3 months from the October 17th agreement) suggests strong regulatory confidence in the deal's compliance and market impact.
The proposed articles of association amendments indicate a significant corporate restructuring. The removal of share transfer restrictions and special voting rights articles typically facilitates smoother integration under new ownership while maintaining compliance with NASDAQ listing requirements. The timing of document availability coinciding with the EGM date (
ISTANBUL, Jan. 03, 2025 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Company”), announces that, as of January 2, 2025, the four regulatory approvals required for effecting the previously announced sale and purchase of
Furthermore, the Company announces that the Board of Directors has decided to call for an Extraordinary General Assembly Meeting of Shareholders (the “Extraordinary General Assembly”) to convene at its headquarters located at the address of “Kuştepe Mahallesi Mecidiyeköy Yolu Caddesi No:12 Trump Towers, Tower No:2 Floor:2 Şişli/İstanbul.” on January 31, 2025, at 15:00 with the following agenda:
- Opening of the meeting and election of the Extraordinary General Assembly Meeting Chairmanship,
- Authorization of the Meeting Chairman to sign the minutes of the meeting,
- Election of the members of the Board of Directors and determination of their terms of office,
- Submitting the amendment of Article 6 titled “Capital,” Article 8 titled “Capital Increase and Decrease,” Article 23 titled “Voting Right and Appointment of Proxy,” Article 26 titled “Amendment of Articles of Association” and Article 38 titled “Compliance with Corporate Governance Principles” of the Articles of Association of our Company; and the removal of Article 7 titled “Transfer of Shares” and Article 7/A titled “Partial or Full Termination of Share Classes and Privileged Votes,” Article titled “Provisional Article 1” and Article titled “Provisional Article 2” of the Company's Articles of Association to the approval of the Extraordinary General Assembly,
- Recommendations and closing.
Explanatory notes on the agenda items along with the copies of certain materials related to the Extraordinary General Assembly will be made available on the Company’s investor relations website https://investors.hepsiburada.com/ as of January 31, 2025.
Holders of the Company’s American Depositary Shares (the “ADSs”) who wish to exercise their voting rights for the underlying shares must act through the depositary of the Company’s ADS program, The Bank of New York Mellon.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, and encompasses all statements, other than statements of historical fact contained in this press release, and include but are not limited to, statements regarding changes to Hepsiburada’s Board of Directors and the Company’s Articles of Association. These forward-looking statements can be identified by terminology such as “may,” “could,” “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to” and similar statements.
These forward-looking statements are based on management’s current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Hepsiburada’s actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments resulting from epidemics or natural disasters, other negative developments in Hepsiburada’s business or unfavorable legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For a discussion of additional factors that may affect the outcome of such forward-looking statements, see our 2023 annual report filed with the SEC on Form 20-F on April 30, 2024 (Commission File Number: 001-40553), and in particular the “Risk Factors” section, as well as the other documents filed with or furnished to the SEC by Hepsiburada from time to time. Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://investors.hepsiburada.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing Hepsiburada’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to Hepsiburada, and Hepsiburada and its authorized representatives assume no obligation to update these forward-looking statements in light of new information or future events. Accordingly, undue reliance should not be placed upon the forward-looking statements.
About Hepsiburada
Hepsiburada is a leading e-commerce technology platform in Türkiye, operating through a hybrid model that combines first-party direct sales (1P) and a third-party marketplace (3P) with approximately 100 thousand merchants.
With its vision of leading the digitalization of commerce, Hepsiburada serves as a reliable, innovative and purpose-driven companion in consumers’ daily lives. Hepsiburada’s e-commerce platform offers a broad ecosystem of capabilities for merchants and consumers including last-mile delivery, fulfillment services, advertising solutions, cross-border sales, payment services and affordability solutions. Hepsiburada’s integrated fintech platform, Hepsipay, provides secure payment solutions, including digital wallets, general-purpose loans, buy now pay later (BNPL) and one-click checkout, enhancing shopping convenience for consumers across online and offline while driving higher sales conversions for merchants.
Since its founding in 2000, Hepsiburada has been purpose-driven, leveraging its digital capabilities to empower women in the Turkish economy. In 2017, Hepsiburada launched the ‘Technology Empowerment for Women Entrepreneurs’ program, which has supported nearly 57.5 thousand female entrepreneurs across Türkiye in reaching millions of customers.
Investor Relations Contact
ir@hepsiburada.com
Media Contact
corporatecommunications@hepsiburada.com
FAQ
What regulatory approvals did Hepsiburada (HEPS) receive for its ownership change?
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