Page 100 - TURKRptDec19

During the local elections campaign, Erdogan accused local retailers of treason for hiking prices, but since the polls the government and retailers have agreed on a discount scheme.
BIM will issue a total of TRY304mn worth of bonus shares and distribute TRY729mn worth of cash dividends from its 2018 profit, according to an approval given by the company’s general assembly on May 21.
The total gross amount to be distributed as bonus shares and cash dividends from the 2018 profit equals TRY1.03bn, or 83% of BIM’s TRY1.25bn net profit, up 45% y/y.
TRY2.4 worth of gross dividend per share and TRY2.04 worth of net dividend per share would be distributed.
Cash dividends are to be paid in two equal instalments. TRY1.2 per share as gross worth of the first payment was delivered on June 12.
100%-bonus shares per share were issued on July 24. As a result, the company’s paid-in capital rose to TRY607.2mn from TRY303.6mn.
According to the new capital structure, the second gross dividend payment worth TRY0.60, rather than the previous TRY1.20 per share, or TRY0.51 net, would be delivered on November 18.
There is no change in the total dividend amount and the total amount of the instalments.
On September 12, the company sold all of the TRY7.64mn nominally-valued shares, amounting to a 1.25% stake, that were repurchased via two separate share buyback programs, launched in July 2016 and May 2018. They were sold at a price of TRY48 per share.
BIM on October 9 said it would call an extraordinary general meeting for November 11 to propose the distribution of a TRY243mn (€37mn) gross cash dividend from its extraordinary reserves, the company said in a stock exchange filing.
A sum of TRY24mn would be allocated as second legal reserves while a TRY0.40 gross, or TRY0.34 net, cash dividend would be distributed on December 11 in one instalment, if approval was given by the EGM.
“This profit distribution decision from extraordinary reserves is different from the year 2018 profit distribution process, the second instalment of which has not been paid yet. Therefore, the profit distribution to be determined by the Extraordinary General Assembly dated 19.11.2019 will be an additional payment to the second instalment payment of the 2018 profit,” the statement noted.
● Migros
Turkish supermarket chain Migros added nine stores to its outlet network in October.Migros opened six supermarkets in Istanbul and one each in Ankara, Izmir and Mersin.
In a filing with Borsa Istanbul, the retailer said the number of stores it operates across Turkey has increased to 2,128.
The company also has 43 stores abroad.
Last year, Migros opened a total of 238 supermarkets in Turkey, including five
100​ TURKEY Country Report​ December 2019 ​ ​www.intellinews.com