The purchase agreement calls for TurkPower to complete acquisition of 50.09%-interest by 28 December 2011 for a total purchase price of EUR15m ($21.73m) and 73,000,000 shares of the company.
The purchase price and issuance of company shares are scheduled with a total of six payments, including a down payment of EUR1m ($1.44m) which was made in 2010, with final payment and share issuance due 28 December 2011.
The down payment and second payment, which was made upon signing of the purchase agreement on 30 June 2011, secures the company an irrevocable initial minority stake in Maksor.
