Public disclosure required by Consob Resolution No. 11971 of May 14, 1999, as amended. Public disclosure required by Consob Resolution No. 11971 of May 14, 1999, as amended. Turk Edison Enerji A.S., a company that operates a cogenerating, combined-cycle power plant with installed capacity of about 60 MW, was bought by Entek A.S., which belongs to the Koç Group, a large diversified Turkish group. This sale is consistent with Edison’s plan to divest nonstrategic assets outside Italy. The power plant, which is located near Istanbul and supplies a Pirelli factory and other local customers, was sold to Entek A.S. (Koç Group). The total financial impact of the transaction is valued at 53.2 million euros.
Milan, February 23, 2004 - Stirpex B.V., a wholly owned subsidiary of Edison S.p.A. incorporated under Dutch law, sold today its 84.78% interest in Turk Edison Enerji A.S. to Entek A.S., a company of the Koç Group. The Koç Group is one of Turkey’s largest diversified industrial groups.
Turk Edison Enerji A.S. operates a cogenerating, combined-cycle power plant with installed capacity of about 60 MW in Izmit, a few miles from Istanbul.
The sales price of the interest in Turk Edison Enerji A.S. was 10.7 million euros, plus reimbursement of 38.5 million euros in borrowings owed to the Edison Group and the assumption of bank debt totaling 4.0 million euros.
A lump payment of 49.2 million euros, equal to the sales price and the indebtedness owed to the Edison Group, was collected today.
This sale, which is consistent with Edison’s plan to divest nonstrategic assets outside Italy, will not have a material economic impact on Edison’s financial statements.
