The Board of Directors of GSD Dış Ticaret A.Ş. resolved to terminate the by-pass export activities of the Company after re-evaluating the efficiency in this area of activity due to the loss of feasibility of by-pass export activities arising from the decrease in rights and benefits provided for foreign trade intermediary companies within the scope of current legislation and to study on the evaluation of new activity areas in order to increase the profitability on 27 June 2012. GSD Dış Ticaret A.Ş.’s by-pass export activities within the scope of agreements made with manufacturers-suppliers have been terminated as of 31 December 2012; The Board of Directors of GSD Dış Ticaret A.Ş. resolved to start studies to invest in maritime sector primarily on 31 December 2012.
GSD Dış Ticaret A.Ş. has established two wholly-owned companies in Malta under the names of Hako Maritime Ltd. and Zeyno Maritime Ltd. on 1 April 2013 and 22 April 2013 and with a share capital of USD 6,420 and USD 6,518.50 respectively.
The ship building agreement signed between GSD Dış Ticaret A.Ş. and Yangzhou Dayang Shipbuilding Co. Ltd. established in China for the construction of 2 dry bulk carrier ships with 63,500 dwt transportation capacity per ship, have come into force on 5 February 2013 and 19 April 2013.
The General Assembly held on 29 May 2013 for the year 2012 of GSD Dış Ticaret A.Ş. has resolved to sign a Novation Agreement and a Tripartite Agreement for its implementation between the Company, Hyundai Mipo Dockyard Co. Ltd., Hako Maritime Ltd. and Zeyno Maritime Ltd. in order to transfer all rights and obligations for the ships numbered 4032 and 4039 arising from the ship building agreement signed with Yangzhou Dayang Shipbuilding Co. Ltd. for the construction of 2 dry bulk carrier ships with 63,500 dwt transportation capacity per ship, to Hako Maritime Ltd. and Zeyno Maritime Ltd., established in Malta and wholly-owned by the Company.
The main business activity of GSD Dış Ticaret A.Ş. is maritime sector in 2013, since the company has terminated its by-pass export activities as of 31 December 2012 and the ship building agreements contracted by the company to operate its new business activity have come into force in 2013.
On 31 December 2014, GSD Dış Ticaret A.Ş. was terminated without liquidity and merged with GSD Denizcilik Gayrimenkul Insaat San. And Tic. A.Ş. (www.gsdmarin.com).