Page 51 - TURKRptNov19

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.
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.
“The Company does not have any treasury shares at hand and the sales gain amounting to TL 130,782,570 (excluding commission) will be presented in the equity of the Company IFRS financials,” BIM said in a bourse filing.
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.
BIM had a total of 7,970 stores at end-June, including 467 stores in Morocco and 304 stores in Egypt via 100%-owned subsidiaries. It is targeting the opening of 492 new stores in 2019.
BIM also has an 11.5% stake in local footwear retailer Flo, which operates with a paid-in capital of TRY34.5mn.
Morocco unit BIM Stores SARL operates with a paid-in capital of MAD1.16bn (€108mn) and Egypt unit BIM Stores LLC with EGP875mn (€49mn).
BIM, which went operational with 21 stores in 1995, can not sell alcohol and pork products, according to Article 4.4 of its Articles of Association.
Mustafa Latif Topbas, CEO and co-founder of BIM, who doesn't give interviews, has a longstanding friendship with Turkey's president, Recep Tayyip Erdogan, and his family, according to Forbes.
Topbas’ daughter Fatma is married to Ali Ulker, nephew of food billionaire Murat Ulker, who hit the media headlines with a huge debt restructuring across 2018.
The Ulker and Topbas families also have business ties through their companies.
51​ TURKEY Country Report​ November 2019 ​ ​www.intellinews.com