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Board of Directors of our 30% subsidiary RWE & Turcas Güney Elektrik Üretim A.Ş. ("RTG") after evaluating the company's future business plans has decided to reduce the fully paid share capital of the company amounting to TRY 1,599,681,920 to TRY 1,162,620,765 in the amount of TRY 437,061,155, from the previous year losses for offsetting incurred losses by way of capital reduction according to Paragraph 2 of Article 474 of the Turkish Commercial Code. Since the related capital decrease will be sourced from total previous year losses of RTG, it will not create any cash impact on Turcas Petrol A.Ş. ("Company"), and after the competion of the transaction it is aimed that RTG's previous losses will be reduced to zero and the RTG will reach a positon to pay dividend. Following the transaction, there will not be any change in the 30% shareholding ratio of our Company at RTG.
Capital decrease transaction will be subject to the approval of shareholders at RTG's Ordinary General Assembly Meeting to be held on 30.06.2022. The developments regarding the process will be shared with the public.
Best regards, |
We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.