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NEWSLETTER 2011
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The title of Article 8 which regulates the shares registered with Capital
Markets Board but not being traded in the Istanbul Stock Exchange
(“ISE”) has been replaced with a new title as “Proceedings to be carried
out to allow eligibility for shares to be listed in the Stock Exchange as
trading shares”.
Article 8/1 has also been amended and with the new stipulation; the
companies traded on the secondary market -ECM have been included
in the article therefore the shares listed in the ECM can be converted to
enable them eligible for admission to be listed on the Main Market -ISE
whereas the shares not listed in the ECM are not qualified to be traded
on the ISE.
Following the amendment, the private placement in the relevant
market of the ISE can be completed / sold within 3 business days after
the announcement of such sales. However it must be emphasized the sales
executed by the Turkish Privatization Administration will be excluded
from this rule of period.
Moreover, 3 business day period rule also shall not apply for
wholesales carried out on the relevant market of the ISE. Therefore,
such shares shall be qualified as trading shares in the ISE at the time the
wholesale carried out.
Article 13 which regulates the principles regarding the private
placement has been amended.
The companies of which shares are being traded in the ISE and the
companies of which shares shall be traded in the ECM are required to
carry out the private placement through capital contribution in the relevant
market of the ISE. Shares subject to these proceedings can be issued as
non- trading or trading in the ISE without being subject to article 8, on
the discretion of such companies. In order to sell the shares purchased
by the investors which are non-trading shares in the ISE through private
placement by capital contribution or through the sale of existing shares
in the relevant market of the ISE, shall be converted to enable them to be
traded in the ISE in accordance with article 8 as explained above.
Article 17 which regulates the announcement and registration of
the offering circular has been also amended. With the new provision the