Date: November 27,2021
Procedures Conducted Under Article 376 of Turkish Commercial Code
According to the financial statements of Viking Kağıt for the period January 1 - September 30, 2021, prepared within the framework of the Capital Market Board's II - 14.1 Communiqué, the amount of sum of capital and legal reserves remained inadequate, including the explanations in footnote 2 of the related financial statements has been disclosed to the public as of November 27,2021.
In accordance with the resolution of the Capital Markets Board dated April 10, 2014 numbered 11/352 and 3rd clause of the article 376 of TTC, it has become an obligatory to prepare an interim balance sheet (TTK 376 balance sheet) based on fair value of the Company’s assets.
In the meeting dated August 6,2021, in order not to replace the periodic financial statements prepared in accordance with the relevant Communiqué, which are completely independent from the provisions of the Communiqué on Principles of Financial Reporting in Capital Markets numbered II-14.1 of the Capital Markets Board, the Company’s Board has approved the balance sheets and footnotes prepared within the scope of article 376/3 of the Turkish Commercial Code and also the Company’s Board has determined aforementioned financials to be disclosed together with the Company’s financial reports, which covers between 01.01.2021 and 30.09.2021 fiscal period, prepared in accordance with the Capital Markets Board's II-14.1 numbered "Communiqué on Principles of Financial Reporting in Capital Markets ".
In this context, KPMG Independent Audit and SMMM A.Ş. A brand valuation study has been carried out by our company, and within the framework of the valuation, the current value of the off-balance sheet asset brands of our company has been determined as 42,230,000 TL. On the other hand, in the Provisional Article 1 of the Communiqué on Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code No. 6102, the exchange differences arising from the foreign currency liabilities that have not yet been fulfilled as of September 30, 2021, and for the period of 2020 and 1 January – 30 September 2021, it is stipulated that half of the total of expenses, depreciation and personnel expenses arising from accrued leases may not be taken into account, and within this framework, the total of the expense items that cannot be taken into account in the calculations of the Company's TTK 376 is 49,122,216 TL.
When the provisions of the Provisional Article 1 of the CMB's Principle Decision dated April 10, 2014 and numbered 11/352 and the Communiqué on the Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code are evaluated together, the equity of the company in terms of the evaluation to be made within the scope of article 376 of the Turkish Commercial Code reaches 14,252,280 TL. Since the shareholders' equity of the company calculated in this way shows that 34% of the total of the capital and legal reserves are protected, the precautions stipulated in article 376 of the TCC do not need to be taken.
Best Regards,
VİKİNG KAĞIT VE SELÜLOZ A.Ş.
Date: September 2, 2021
We lost Mr. Mustafa Selim Yaşar, the Chairman of the Board of Directors of Yaşar Holding and the Chairman, Deputy Chairman and Member of the Board of Directors in other Yaşar Group companies, due to a sudden illness. We are deeply saddened by this painful loss and share our sadness with the public. Condolences to our country and Yaşar Group.
Date: August 11, 2021
In accordance with Communiquè II-17.1 of Capital Markets Board; a report is prepared for common and continuous related party transactions which are expected to occur also in 2021 and to reach more than 10% share stated in the Communiquè. The conclusion section of the report with respect to the terms and conditions of the transactions and comparison of them with market conditions, is as follows:
In accordance with Article 10 of the Capital Markets Board's "Corporate Governance" Communiqué (II.17.1); Since the common and continuous transactions between our Company and its related parties Yaşar Dış Ticaret A.Ş. in 2021 fiscal period are expected to reach more than %10 share, which is stated in the Communiquè; Conditions of the transactions, which are related to the export sales by Yaşar Dış Ticaret A.Ş., the price determination methods and the reasons behind the choice of this method, are all explained and concluded that the transactions are appropriate to the market conditions and arm's length principle.
Respectfully Submitted.
Date: August 09, 2021
According to the financial statements of Viking Kağıt for the period January 1 - June 30, 2021, prepared within the framework of the Capital Market Board's II - 14.1 Communiqué, the amount of sum of capital and legal reserves remained inadequate, including the explanations in footnote 2 of the related financial statements has been disclosed to the public as of August 9, 2021.
In the meeting dated August 6,2021, in order not to replace the periodic financial statements prepared in accordance with the relevant Communiqué, which are completely independent from the provisions of the Communiqué on Principles of Financial Reporting in Capital Markets numbered II-14.1 of the Capital Markets Board, the Company’s Board has approved the balance sheets and footnotes prepared within the scope of article 376/3 of the Turkish Commercial Code and also the Company’s Board has determined aforementioned financials to be disclosed together with the Company’s financial reports, which covers between 01.01.2021 and 31.06.2021 fiscal period, prepared in accordance with the Capital Markets Board's II-14.1 numbered "Communiqué on Principles of Financial Reporting in Capital Markets ".
In this context, KPMG Independent Audit and SMMM A.Ş. A brand valuation study has been carried out by our company, and within the framework of the valuation, the current value of the off-balance sheet asset brands of our company has been determined as 42,230,000 TL. On the other hand, in the Provisional Article 1 of the Communiqué on Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code No. 6102, the exchange differences arising from the foreign currency liabilities that have not yet been fulfilled as of June 30, 2021, and for the period of 2020 and 1- January – 30 June 2021, it is stipulated that half of the total of expenses, depreciation and personnel expenses arising from accrued leases may not be taken into account, and within this framework, the total of the expense items that cannot be taken into account in the calculations of the Company's TTK 376 is 40,667,005 TL.
When the provisions of the Provisional Article 1 of the CMB's Principle Decision dated April 10, 2014 and numbered 11/352 and the Communiqué on the Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code are evaluated together, the equity of the company in terms of the evaluation to be made within the scope of article 376 of the Turkish Commercial Code reaches 23,091,581 TL. Since the shareholders' equity of the company calculated in this way shows that 55% of the total of the capital and legal reserves are protected, the precautions stipulated in article 376 of the TCC do not need to be taken.
Date: April 30, 2021
According to the financial statements of Viking Kağıt for the period January 1 - March 31, 2021, prepared within the framework of the Capital Market Board's II - 14.1 Communiqué, the amount of sum of capital and legal reserves remained inadequate, including the explanations in footnote 2 of the related financial statements has been disclosed to the public as of April 30, 2021.
In the meeting dated April 29,2021, in order not to replace the periodic financial statements prepared in accordance with the relevant Communiqué, which are completely independent from the provisions of the Communiqué on Principles of Financial Reporting in Capital Markets numbered II-14.1 of the Capital Markets Board, the Company’s Board has approved the balance sheets and footnotes prepared within the scope of article 376/3 of the Turkish Commercial Code and also the Company’s Board has determined aforementioned financials to be disclosed together with the Company’s financial reports, which covers between 01.01.2021 and 31.03.2021 fiscal period, prepared in accordance with the Capital Markets Board's II-14.1 numbered "Communiqué on Principles of Financial Reporting in Capital Markets ".
In this context, KPMG Independent Audit and SMMM A.Ş. a brand valuation study has been carried out by our company, and within the framework of the valuation, the current value of the off-balance sheet asset brands of our company has been determined as 42,230,000 TL. On the other hand, in the Provisional Article 1 of the Communiqué on Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code No. 6102, the exchange differences arising from the foreign currency liabilities that have not yet been fulfilled as of March 31, 2021, and for the period of 2020 and
January - 31 March 2021, It is stipulated that half of the total of expenses, depreciation and personnel expenses arising from accrued leases may not be taken into account, and within this framework, the total of the expense items that cannot be taken into account in the calculations of the Company's TTK 376 is 30,224,899 TL.
When the provisions of the Provisional Article 1 of the CMB's Principle Decision dated April 10, 2014 and numbered 11/352 and the Communiqué on the Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code are evaluated together, the equity of the company in terms of the evaluation to be made within the scope of article 376 of the Turkish Commercial Code reaches 31,505,057 TL. Since the shareholders' equity of the company calculated in this way shows that 75% of the total of the capital and legal reserves are protected, the precautions stipulated in article 376 of the TCC do not need to be taken.
Date: April 16, 2021
In accordance with II-17.1 Corporate Governance Communiquè regulations (Communiquè) of Capital Markets Board , In the Board Meeting dated April 16, 2021 resolved that,
Audit Committee would be composed of two independent members and Mr. Feyzi Onur Koca was elected to chairmanship and Ms. Nalan Erkararkaş was elected to membership of the committee,
Committee for Early Determination of Risks would be composed of four members and Mr. Feyzi Onur Koca was elected to chairmanship and Ms. Nalan Erkarakaş, Mr. Yılmaz Gökoğlu ve Mr. Cengiz Erol were elected to memberships of the committee.
Date: April 15, 2021
In the Board Meeting dated April 15, 2021, with the resignation of Independent Board Member Murat BOLAT dated April 1,2021, it was decided to appoint Ms. Nalan ERKARAKAŞ for complete the term of office of the appointed member and her membership to be submitted to the approval of the first General Assembly to be held.
Date: April 1, 2021
In accordance with II-17.1 Corporate Governance Communiquè regulations (Communiquè) of Capital Markets Board, In the Board Meeting dated April 1, 2021 resolved that,
Corporate Governance Committee would be composed of four members and Mr. Feyzi Onur Koca was elected to chairmanship and Mr. Cengiz Erol, Mr. Yılmaz Gökoğlu and Mr. Süleyman Sezer were elected to memberships of the committe.
Date: April 01, 2021
Murat BOLAT, who was elected as an Independent Member of the Board of Directors in the 2020 Ordinary General Assembly, informed us that he would like to leave his Independent Board of Directors membership because of density of his works. The board of directors of the company has decided to accept the resignation of the member and to register and announce this decision in the April 1, 2021 meeting.
Date: March 31, 2021
The Company’s 2020 Ordinary General Assembly Meeting results, held on March 26, 2021, are registered by Aliağa Trade Register Office on March 31, 2021.
Date: March 30, 2021
In the meeting dated March 30, 2021, Board of Directors resolved that, Ms. İdil YİĞİTBAŞI be appointed as the Chairperson of the Board of Directors, Mr. Mustafa Selim YAŞAR be appointed as the Vice-Chairperson of the Board.
Respectfully submitted.
Date: March 26, 2021
In the Ordinary General Assembly Meeting of the Company held on March 26, 2021,
The amendment of Article 3 of our company's articles of association titled "The Purpose and Subject of the Company" was approved.
In the Ordinary General Assembly Meeting of the Company held on March 26, 2021, The amendment of Article 6 titled "Registered Capital" of our Company's articles of association regarding the extension of the validity period of our Company's registered capital ceiling to 2025 was approved.
In the Ordinary General Assembly Meeting of the Company held on March 26, 2021, Article 6 of the Articles of Association titled "Registered Capital" was approved.
Since the activities of Company in 2020 resulted in a loss, it was decided to pass the article of year profit without discussion.
In 2019 Ordinary General Assembly Meeting of our Company which was held on 26 March 2021, the following decisions have been taken.
1. Within the framework of the Turkish Commercial Code and the Capital Markets Board of Turkey and taking the recommendation of the Board of Directors into consideration, PWC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was elected as the independent audit firm of our company to audit Financial Statements and Reports for a period of one year which covers 2020 fiscal periods.
2. Pursuant to Article 11 of Company’s Articles of Association, the number of Board Directors was determined as 2 independent and 7 in total. Emine Feyhan YAŞAR, Mustafa Selim YAŞAR, İdil YİĞİTBAŞI, Cengiz EROL, Yılmaz GÖKOĞLU as members of Board of Directors and Feyzi Onur KOCA and Murat BOLAT as independent members of Board of Directors were elected to serve until the Ordinary General Assembly to be organized for the reviewing of the accounts of the year 2021.
Information about resumes of the members of Board of Directors published in the websites of the Company before the General Assembly Meeting was given.
3. Due to the fact that our company will start to sell and trade all kinds of biocidal products, including disinfectants, as well as personal protective equipment and/or medical device masks, by using composite packaging waste as raw material within the scope of beverage carton recycling, regarding the amendment of Article 3 of the Company's Articles of Association, titled "The Purpose and Subject of the Company", T.R. Preliminary permission letter dated 05.03.2021 and numbered E-29833736-110.03.03-2959 of the Capital Markets Board Presidency Partnership Finance Department and T.R. The preliminary permit dated 11.03.2021, numbered E-50035491-431.02-00062245115 obtained from the Ministry of Commerce, General Directorate of Domestic Trade, and the old and new versions of the article were read and discussed. The amendment was accepted with the approval of the Capital Markets Board and the permission of the Ministry.
4. Within the framework of the Registered Capital System Communiqué of the Capital Markets Board numbered II-18.1, the 5-year validity period for the registered capital upper limit of 80,000,000 TL specified in Article 6 of the Company's Articles of Association will expire at the end of 2021.Regarding the amendment of Article 6 of the Company's Articles of Association, titled "Registered Capital", in order to extend the validity period of the company's registered capital ceiling to cover the years 2021-2025, T.R. Preliminary permission letter dated 10.02.2021 and E-29833736-110.04.04-1632 of the Capital Markets Board Presidency Partnership Finance Department and T.R. The preliminary permission, dated 16.02.2021, numbered E-50035491-431.02-00061533933, obtained from the Ministry of Trade, General Directorate of Domestic Trade, and the old and new versions of the article were read and discussed. The amendment was accepted with the approval of the Capital Markets Board and the permission of the Ministry.
5.The General Assembly of Shareholders informed about guarantees, pledges, mortgages and other guarantees given by our Company in favor of third parties and all income received thereby, pursuant to Article 12 Communique II-17.1 of CMB.
6. Information was given to the General Assembly concerning The Company’s donations and grants to foundations and associations in 2019 and pursuant to CMB legislation an upper limit was decided to be set for donations and grants to be made in 2020, as 0.1% of Total Assets of latest disclosed annual balance sheet.
7. The point of dividend payment is decided to pass without any discussion due to making a loss in 2019 activities.
Date: March 17, 2021
In line with the opinion of the Audit Committee and in compliance with Turkish Commerce Code with the law No. 6102 and Capital Markets Law No. 6362 and in accordance with the principles determined of relevant legislation, Company's Board of Directors resolved to appoint PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. to audit the Company's 2021 financial statements. It was also decided to submit the appointment resolution for the approval of the General Assembly for 2020.
Date: March 10, 2021
Amendment of Article 3 of our company's articles of association titled "Purpose and Subject of the Company", İt was approved by the Capital Markets Board's letter dated March 5,2021 and numbered E-29833736-110.03.03-2959 and conveyed to the Company. It will be submitted to the approval of the shareholders at the first general assembly meeting to be held following the permission of the T.R. Ministry of Commerce.
Date: March 1, 2021
At the Company’s Board of Directors Meeting held on March 1, 2021, it has been decided to submit to approval of the Ordinary General Assembly Meeting, the proposal to not distribute any dividends due to the Company’s 2020 activities ended up with loss.
The company’s 2017 Annual General Assembly Meeting will take place on March 26, 2021, Friday, at 10:00 at the plant of Pınar Süt A.Ş. at the address Yunus Emre Mah. Kemalpaşa Cad. No.317 Bornova/İZMİR to discuss and resolve the attached agenda items.
The announcement regarding the agenda and the proxy form specimen for the General Assembly Meeting are attached.
The company’s issued capital of TL 42,000,000 consists of the shares of registered completely and each share entitles its holder one vote for shareholders or their proxies who will attend general assembly meetings.
Date: February 16, 2021
In accordance with the Capital Markets Board's ("CMB") Communiqué No. II-14.1, the financial statements for the period from January 1 to December 31, 2020, prepared by our company, indicate that the entire amount of capital and legal reserves remained uncovered. This information was disclosed to the public as of February 26, 2021, through an explanatory note provided in footnote number 2 of the respective financial statements.
Pursuant to the CMB's principle decision dated April 10, 2014, and the provisions of Article 376/3 of the Turkish Commercial Code ("TCC"), our company is required to prepare an end-of-year balance sheet (TCC 376 Balance Sheet) based on the fair values of its assets.
During the meeting of our Board of Directors on January 25, 2021, it was decided to accept the balance sheet and related footnotes prepared within the scope of Article 376/3 of the TCC, which are completely independent of the provisions of CMB's Communiqué No. II-14.1, and to disclose these balance sheet and footnotes along with the financial statements prepared in accordance with the CMB's Communiqué No. II-14.1 for the fiscal period of January 1, 2020, to December 31, 2020.
In this context, a brand valuation study was conducted by KPMG Independent Audit and Certified Public Accountancy Inc., determining the current value of our company's non-balance sheet assets, specifically its brands, as 42,230,000 TL. Furthermore, according to Temporary Article 1 of the Regulation on the Implementation of Article 376 of the Turkish Commercial Code No. 6102, which states that the entire amount of foreign exchange differences arising from unrealized foreign currency liabilities and the expenses, amortization, and personnel costs incurred in 2020 due to leases may not be taken into account, the total of such non-considerable expense items in the TCC 376 calculations is 21,774,953 TL.
Considering the combined provisions of the CMB's principle decision dated April 10, 2014, and Temporary Article 1 of the Regulation on the Implementation of Article 376 of the Turkish Commercial Code, the company's equity reaches 40,116,198 TL for evaluation within the scope of Article 376 of the TCC. Since the calculated equity demonstrates that 95% of the total capital and legal reserves are preserved, it is concluded that no measures prescribed in Article 376 of the TCC need to be taken.
Date: February 25, 2021
During the meeting of our Board of Directors on February 25, 2021, it was decided to amend Article 3, titled "Purpose and Subject of the Company," of the company's articles of association in line with the needs arising from the company's activities. The necessary approvals from the Capital Markets Board and the Ministry of Trade of the Republic of Turkey will be obtained, and the matter will be presented to our shareholders for their approval at the upcoming General Assembly.
OLD FORM
Purpose and Subject of the Company
Article 3-
The main purposes and subjects of the company are as follows:
a. Production of high-quality writing-printing and Yankee type plain or crepe paper and their conversion.
b. Production of mechanical and bleached cellulose pulp.
c. Purchase, sale, and export of the products mentioned in paragraphs (a) and (b), both wholesale and retail.
d. In order to be used in the production of products falling within the scope of the company's purpose, the import of the following, unless they can be sourced in Turkey:
d.01 Various types of cellulose pulp.
d.02 Materials necessary for conversion.
d.03 Machinery and spare parts.
d.04 Import of all kinds of auxiliary materials and operational supplies.
e. Wholesale trade of perfumes, cosmetic products, and cologne (including itr products).
In addition to the above, within the framework of the company's purposes and subjects, the company may acquire all rights and assume all liabilities, engage in any commercial, industrial, and economic activities and produce goods related to its purposes and subjects, use, operate, lease, rent, buy, or sell any movable or immovable assets, establish and cancel mortgages and liens on real estate, conduct transactions related to consolidation, division, abandonment, and easement rights concerning real estate, establish and cancel any rights in favor of or against the company, provided that they are not in violation of the laws and regulations governing lending activities, and provide guarantees within the framework of special cases requiring the disclosure of necessary information by the Capital Markets Board for the enlightenment of investors. The company may also establish mortgages on its real estate for the debts of others.
f. Within the limits set by the relevant legislation, including the Capital Markets Law, donations may be made to foundations established for various purposes and to individuals and/or institutions of this nature, or a share of the profits may be allocated.
The company shall comply with the principles determined by the Capital Markets Board regarding guarantees, sureties, guarantees, or the establishment of mortgage, both in its own name and on behalf of third parties.
NEW FORM
c. Purchase, sale, export, retail, and wholesale trade of the products mentioned in paragraphs (a) and (b).
d.04 All kinds of auxiliary materials and operational supplies.
d.05 Import of packaging waste and other materials consisting of non-hazardous waste and/or scrap paper, packaging, and/or composite waste.
e. Production, market release, sale, promotion, retail, and wholesale trade of perfumes, cosmetic products, and cologne (including itr products).
f. Production, manufacture, market release, sale, promotion, import, export, and trade of all kinds of biocidal products, including disinfectants, as well as personal protective equipment and/or medical devices, including but not limited to various types of masks (such as N95, FFP1, FFP2, FFP3, etc.).
g. Operating in the field of paper recovery/recycling, in compliance with the provisions of the environmental legislation regulated by relevant authorities, including the Ministry of Environment and Urbanization, from non-hazardous waste and/or scrap paper, packaging, and/or composite waste, establishing and operating recycling facilities, collection/separation facilities, market release, sale, promotion, retail, and wholesale trade of products produced within this framework, as well as import and export activities.
In addition to the above, within the framework of the company's purposes and subjects, the company may acquire all rights and assume all liabilities, engage in any commercial, industrial, and economic activities and produce goods related to its purposes and subjects, establish and operate any facilities required in accordance with the relevant legislation, and engage in the production, procurement, or wholesale and retail trade of all products listed between its purpose and subject. The company may use, operate, lease, rent, buy, or sell any movable or immovable assets, establish and cancel mortgages and liens on real estate, conduct transactions related to consolidation, division, abandonment, and easement rights concerning real estate, establish and cancel any rights in favor of or against the company, provided that they are not in violation of the laws and regulations governing lending activities, and provide guarantees within the framework of special cases requiring the disclosure of necessary information by the Capital Markets Board for the enlightenment of investors. The company may also establish mortgages on its real estate for the debts of others.
h. Within the limits set by the relevant legislation, including the Capital Markets Law, donations may be made to foundations established for various purposes and to individuals and/or institutions of this nature, or a share of the profits may be allocated.
Best regards,
Date: February, 15 2021
The amendment of Article 6, titled "Registered Capital", of the Company's articles of association regarding the extension of the validity period of the Company's registered capital upper limit to 2025. It was approved by the Capital Markets Board's letter dated February 10, 2021 and numbered E-29833736-110.04.04-1632 and conveyed to the Company. It will be submitted to the approval of the shareholders at the first general assembly meeting to be held following the permission of the T.R. Ministry of Commerce.
The draft amendments to the articles of association regarding the extension of the validity period of the company's registered capital upper limit until 2025 , have been approved by the Capital Markets Board. It will be submitted to the approval of the shareholders at the first general assembly meeting to be held following the permission of the Ministry of Commerce.
Date: February 4, 2021
With the decision of the Company's Board of Directors dated February 4, 2021, it was decided to amend the 6th article of the articles of association titled "Registered Capital" with the aim of extending the period since the validity period of the registered capital upper limit will be expired at the end of 2021. It has been decided to submit the amendments to the approval of the shareholders at the first General Assembly Meeting to be held after obtaining the necessary permits from the Capital Markets Board and the Ministry of Commerce.
At the Company’s Board of Directors Meeting held on February 3, 2021, within the framework of the Capital Markets Board's Communiqué No. II-18.1 on the Registered Capital System, as the 5-year validity period of the registered capital upper limit of 80,000,000 TL specified in Article 6 of the Company's Articles of Association will be expired at the end of 2021. It has been decided; amendment of Article 6 of the Company's Articles of Association, titled "Registered Capital", in order to extend the validity period of the Company's registered capital upper limit to cover the years 2021-2025. Also, the Board of Directors resolved to obtain necessary permits from the Capital Markets Board of Turkey and Ministry of Customs and Trade and also to submit the changes to the approval of shareholders at the first General Meeting.
OLD VERSION
REGISTERED CAPITAL
Article 6-
The company, in accordance with the provisions of the Capital Markets Law dated 6.12.2012 and numbered 6362 and with the decision of the Capital Markets Board dated 30.04.2013 and numbered 15/491, has adopted the Registered Capital System and has switched to this system accordingly.
The registered Capital of the Company is 80,000,000.-TL (EIGHTY MILLION TURKISH LIRAS).
The registered capital ceiling permission given by the Capital Market Board is valid for a period of 5 (five) years from 2017- 2021. Even if the permitted registered capital ceiling is not reached at the end of 2021, in order for the board of directors to take a decision to increase the capital after 2021, it is obligatory to obtain authorization from the general assembly for a new period by obtaining permission from the Capital Markets Board for the previously allowed ceiling, or a new ceiling amount. In case of failure to obtain the said authorization, a capital increase cannot be made with the decision of the board of directors.
The issued capital of the Company is 42,000,000. - TL (FORTYTWO MILLION TURKISH LIRAS) divided into 4,200,000,000 (four billion two hundred million) bearer shares, each with a nominal value of 1 Kr, and the entire issued capital was paid by the shareholders free of collusion.
The issued capital, which was previously 45,000,000. -TL (FORTY-FIVE MILLION TURKISH LIRAS), this time by decreasing 23,900,000. -TL (TWENTY-THREE MILLION NINE HUNDRED THOUSAND LIRAS) from the capital, which was fully paid in cash, and by using the reduced amount to offset the losses of the previous years, was reduced to 21,100,000.-TL (TWENTYONE MILLION HUNDRED THOUSAND TURKISH LIRAS) and simultaneously increased to 42,000,000.- TL (FORTY-TWO MILLION TURKISH LIRAS) by covering all in cash.
The Board of Directors is authorized to increase the issued capital between 2017-2021 by issuing bearer shares up to the amount of registered capital when deemed necessary in accordance with the provisions of the Capital Markets Law. The Board of Directors is authorized to take decisions on issuing shares above and below their nominal value and limiting the shareholders’ right to purchase new shares in accordance with the provisions of the Capital Markets Law.
Shares representing the capital are monitored through records within the framework of dematerialization principles.
NEW VERSION
The company, in accordance with the provisions of the Capital Markets Law dated 6.12.2012 and numbered 6362, and with the decision of the Capital Markets Board dated 30.04.2013 and numbered 15/491, has adopted the Registered Capital System and has switched to this system accordingly.
The registered capital ceiling permission given by the Capital Markets Board is valid for a period of 5 (five) years from 2021- 2025. Even if the permitted registered capital ceiling is not reached at the end of 2025, in order for the board of directors to take a decision to increase the capital after 2021, it is obligatory to obtain authorization from the general assembly for a new period by obtaining permission from the Capital Markets Board for the previously allowed ceiling, or a new ceiling amount. In case of failure to obtain the said authorization, a capital increase cannot be made with the decision of the board of directors.
The Board of Directors is authorized to increase the issued capital between 2021-2025 by issuing bearer shares up to the amount of registered capital when deemed necessary in accordance with the provisions of the Capital Markets Law.
The Board of Directors is authorized to take decisions on issuing shares above and below their nominal value and limiting the shareholders’ right to purchase new shares in accordance with the provisions of the Capital Markets Law.