KONTR will not be able to participate in World Bank projects for 12 months.

KONTR's Participation in World Bank Projects Suspended

Kontrolmatik Teknoloji A.Ş. (KONTR) has decided to suspend its participation in projects financed by the World Bank for a period of 12 months. According to the company's statement, the review of a past tender process within the scope of the Emergency Development Project in the Republic of Iraq has been completed. The process, which resulted in a settlement agreement between the parties, has affected the company's participation in projects.

Settlement Agreement and Future Process

The statement included, “After this period, if obligations are fulfilled, our company and its subsidiaries may be re-included in the relevant projects during an additional conditional participation period of 12 months,” it was stated. It was also noted that this situation would not negatively impact KONTR's growth plans or financial statements.

Company's Principles of Transparency and Corporate Governance

KONTR stated that it will continue to act in accordance with transparency and strong corporate governance principles towards all its stakeholders. Developments regarding the situation will be shared with the public in accordance with Capital Markets Legislation.

Market Effects

Following the news, KONTR shares started to trade at a level of 13.93 TL with a decrease of 1.35% in the morning hours. This situation may have caused an increase in uncertainty in the markets for investors.