Our Company’s resolutions related to dividends, are based on the framework of the Turkish Commercial Code provisions, Capital Markets Legislation, Tax Regulations and other relevant legislation as well as the provisions of our Articles of Association governing the distribution of profits In line with the Corporate Governance Principles, a consistent policy is followed balancing the benefits of both the shareholders and the Company.
As long as the relevant regulations and financial possibilities allow, the general policy of our Company regarding distribution of profits, is to distribute minimum 20 percent of distributable profit, calculated in accordance with Capital Markets Legislation and other relevant legislation, in cash and/or gratis share dividend, by taking into consideration economic environment, market expectations, long-term strategies, long-term investment and financing policies of our Company, financial position and profitability and cash position of our Company and it is reviewed each year.
Unless otherwise decided in the General Assembly related to the profit distribution resolution, dividend is expected to be distributed in May of the year of General Assembly. Dividend distribution date is decided in the General Assembly meeting. General Assembly or if authorised, Board of Directors may decide to pay the dividend in installments in line with Capital Markets Board regulations.
Articles of Association of our Company is suitable for distribution of dividends in advance. The Board of Directors may distribute advance of dividends in accordance with the Capital Markets Board regulations, if the Board is authorised by the General Assembly and provided that it is limited with the profits of the related financial year.