Our Company's Board of Directors had resolved by its decision dated 03.03.2020 and numbered 31, to distribute a total gross amount of TL 1,203,020,000 which corresponded to approximately 50% of our Company's net distributable profit for the year 2019 from the previous year's profit under legal records.

According to the Provisional Article 13, which was added to the Turkish Commercial Code ("TCC") numbered 6102, with the Law No. 7244 published in the Official Gazette dated 17.04.2020 and numbered 31102, capital companies were allowed to pay up to 25% percent of the net profit for the year 2019 and were restricted to distribute the profits of previous year and legal reserves until 31.12.2020. In order to comply with the aforementioned restriction on dividend distribution, 25% of the distributable profit for the year 2019 was decided to be distributed at the Ordinary General Assembly Meeting dated 25.07.2020 and the dividend distribution commenced on 28.07.2020.

The dividend distribution restriction within the framework of TCC Provisional Article 13 and the provisions on Communiqué on the Procedures and Principles Regarding the implementation of the Provisional Article 13 of the TCC, has ended as of 31.12.2020; and no further regulation came into effect in this regard. Therefore, the TCC procedures which were in force before Provisional Article 13 shall apply.

Accordingly, our Company's Board of Directors has resolved to propose the following to the shareholders at the Company's first upcoming General Assembly Meeting:

(i) An amount of TRY 601,370,000.00, which was decided to be distributed by the Board of Directors' decision dated 03.03.2020 and numbered 31, but was set aside within the Company as prior year's profit, because it could not be distributed within the year 2020 in compliance with the aforementioned dividend distribution restriction, shall be distributed to the shareholders.

(ii) Withholding tax deductions shall be applicable during the distribution within the scope of relevant regulations.

(iii) Thus, 0.17182 Kuruş (17.182%) gross cash dividend per each share worth 1 Kuruş nominally shall be distributed to our shareholders and total gross cash dividend distribution amount shall be TL 601,370,000.00.​

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Türk Telekomünikasyon AS published this content on 25 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2021 08:26:59 UTC