Page 19 - TURKRptDec22

Shares amounting to a 41.1% stake in Hektas are listed on Borsa Istanbul. As of November 16, non-residents’ combined share in the listed stake stood at 13%.
As of November 17, the Hektas share price was up 1,572% y/y to Turkish lira (TRY) 46 despite a 10% d/d decline.
On November 9, Borsa Istanbul extended its ban on short-selling and transactions on credit on the Hektas trading board to December 9, while it also introduced a ban on trading order amendments.
On November 10, Borsa Istanbul asked Hektas for an explanation as to unusual price and volume movements on its share trading board.
On November 11, the circuit breaker was activated on the Hektas trading board after the stock price hit the price floor.
Market anomalies are not uncommon in Turkey. Hektas was among the leading anomalies at Borsa Istanbul along with Sasa Polyester (SASA), up 1,018% y/y and down 10% d/d, as of November 17, and banking stocks.
The biggest “bull trap” (keriz silkeleme in Turkish) operations in the history of Borsa Istanbul continue apace, with some people detained or nobody detained in each phase.
The Borsa Istanbul benchmark index BIST-100, meanwhile, has been breaking records in Turkish lira terms. It is also on the up, by around 100%, in USD terms.
Sasa (SASA) convertible eurobond (XS2357838601) transactions
Bids received term
Converted eurobond amount (€)
Number of shares provided*
Share price for eurobond holders (€)*
Delivery date for shares
Market price (€)*
Stake provided
Source of provided shares
Mar-2022
200,000
112,268
0.56
Mar 17, 2022
1.63
0.005%
Bought buy Sasa under share buy-back programme
Apr-2022
600,000
336,813
0.56
Jun 16, 2022
2.49
0.014%
Bought buy Sasa under share buy-back programme
May-2022
200,000
112,270
0.56
Jul 13, 2022
2.29
0.005%
Bought buy Sasa under share buy-back programme
Jun-2022
41,900,000
23,520,825
0.56
Aug 15, 2022
2.85
1.050%
Bought buy Sasa under share buy-back programme
Jul-2022
9,900,000
5,557,426
0.56
Sep 5, 2022
3.14
0.250%
Bought buy Sasa under share buy-back programme
Aug-2022
15,800,000
8,869,427
0.56
Oct 10, 2022
4.76
0.370%
Remaining shares held by Sasa plus shares provided by Merinos and Dinar
Sep-2022
28,200,000
15,830,245
0.56
Oct 31, 2022
6.40
0.702%
Capital increase from TRY2.24bn to TRY2,255,830,245
Oct-2022
13,900,000
7,802,851
0.56
-
-
0.345%
Capital increase from TRY2,255,830,245 to TRY2,263,633,096
Total
110,700,000
62,142,125
0.56
-
-
2.395%
-
*March figure is adjusted to the 100% capital increase
19 TURKEY Country Report December 2022 www.intellinews.com