Transfer of Turkcell Shares to Wealth Fund Accepted

Turkcell shareholders, control of the company's management To Türkiye Wealth Fund (TVF) approved the contract amendments that would enable its passage and TurkcellThe necessary conditions for the founding partners of to transfer their shares to TVF have been completed. According to the decision adopted at the general assembly, the number of board members will increase from seven to nine, some of TVF's shares will be privileged and management control will pass to TVF.

Last June, Türkiye Wealth Fund (TVF) reached an agreement with the company's shareholders to acquire the controlling share of Turkcell, one of Turkey's most complex and controversial partnerships. One of the founding partners of Turkcell Telia and Çukurova HoldingWith the sale of the shares of Turkcell to TVF, Turkcell's two largest partners, TVF and LetterOne, the investment vehicle of Russian billionaire Mikhail Fridman it will have become. Permissions for the share transfer in question were received last month.

811 million TL will be distributed

In the statement made by Turkcell to the Public Disclosure Platform (KAP) on the subject, at the 2019 Ordinary General Assembly meeting held on October 21, 2020, 25 percent of the 2019 distributable profit was announced. 811 million TL will be distributed The decisions taken at the general assembly were explained as follows:

“The proposal of the Ordinary General Assembly Meeting Board of Directors regarding the amendments to the Company's articles of association has been accepted.

The balance sheet and profit and loss accounts for the company's 2019 activities have been approved.

Members of the Board of Directors have been acquitted individually for their activities and transactions in 2019.

Due to the vacancy in the board of directors membership, within the framework of Article 363 of the Turkish Commercial Code, Mr. The Board of Directors' decision regarding the appointment of Christopher James Powell has been approved.

As a result of the voting of the Board of Directors' Decision dated 24.09.2020 regarding the agenda item on profit distribution for the 2019 operating year; The gross profit amounting to 811,621,869 TL, corresponding to a cash dividend of 0.3689190 TL (net 0.3135812 TL) for each share with a nominal value of 1 TL, not exceeding 25% of the total distributable profit for the 2019 accounting period, will be calculated on 30 November 2020, in accordance with the announced dividend distribution table and profit share information table per share, as stipulated in the legislation. It has been decided to distribute it to shareholders within the framework of the principles.”

When it comes to Turkcell, there are some values ​​that will never change.

Turkcell Chairman Bülent Aksu said in his evaluation speech after the general assembly: "I would like to thank all our shareholders who attended and voted in our General Assembly today. Thanks to this kindness, which enabled historical decisions to be taken, our Articles of Association have been changed and Our shareholders met at the solution point.” He said and continued his words as follows:

“With the common will of our shareholders, a solution was produced in line with the legislative provisions and corporate governance principles, creating significant value for both our company and the Turkish economy. When it comes to Turkcell, there are some values ​​that will never change. We will continue to strengthen our understanding of innovation, high quality, customer satisfaction policy, strong financial structure and social benefit-oriented service, which are in the DNA of our company.

This is the first time that a general assembly meeting where such important decisions were taken went so smoothly.

Share transfers expected to take place after the General Assembly Turkcell will contribute to the market value And I believe that our company will continue to be the right address for all local and foreign investors. Turkcell continues its journey to become a global brand with fast and confident steps. "With the strong structure we have achieved after today's General Assembly, our goal is to move our brand even higher in the global arena."

Financial Investors Association (FINYAD) President Ali Bahçuvan, who attended the general assembly meeting, stated that the decision in question was taken in unity. "The amendment to the articles of association, which increased the number of board members and included a change in privileged shares, was accepted. No one gave a dissenting opinion. This is the first time that a general assembly meeting where such important decisions were taken went so smoothly.” he said.