Merger transactions of Tekfen Construction and Tekfen Real Estate
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The recession, declining demand and decrease in profitability within the real estate development sector in the recent years, led us to consider restructuring our real estate development business. As a result, our Board of Directors and BoDs of the related companies, decided to merge Tekfen Emlak Geliştirme Yatırım ve Ticaret A.Ş. (Tekfen Real Estate), of which we are 100% shareholder, under the entity of Tekfen İnşaat ve Tesisat A.Ş. (Tekfen Construction) in which we hold 99.99% stake. After the completion of the merger transactions, our real estate development activities will continue under the legal entity of Tekfen Construction. Thus, following the approval of the merger by the authorities, starting from our 2019 year-end financials, our Real Estate Development activities will be reported under the Contracting Group segment. |