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Olmuksan (#OLMIP) was the first company to act to meet the Istanbul Stock Exchange requirement of at least 10% free float to be traded on the main market, which came into effect on October 1, 2020.
In the statement sent by the company to the Public Disclosure Platform (KAP), The majority shareholder of Olmuksan, in order to ensure that the current shares of only 6.1% of the currently traded company, meet the effective free float rate of 10.0% required to be traded on the main market and to create a deeper market IP Container Holdings SL (IP) It has been stated that it will hold 1,361,040,316 shares (5.51% of the paid-up capital of Olmuksan) in the form of publicly traded shares.
As a result, IP decided to sell these shares traded on the Istanbul Stock Exchange.
With the new regulation that entered into force on October 1, 2020, with the decision of the Istanbul Stock Exchange, a company must have a minimum free float rate of 10 percent in order to be traded on the Main Market.
The entire statement sent to KAP by Olmuksan is as follows:
The statement sent to us by our majority shareholder IP Container Holdings (Spain) SL is as follows:
“IP Container Holdings (Spain) SL (” IP “), Olmuksan International Paper Ambalaj Sanayi ve Ticaret Anonim Şirketi (” Olmuksan “) to sell some of its shares (which are currently held in the form of publicly traded shares), and also on 02.10.2020 In line with our material disclosure, we have decided to convert additional Olmuksan shares into shares traded in shares for future sales of the Istanbul Stock Exchange.
The purpose of the conversion into a traded share and sale on the Istanbul Stock Exchange is to ensure that Olmuksan meets the minimum effective free float rate of 10.0% required by the Istanbul Stock Exchange to be traded on the main market, furthermore, the shares of Olmuksan are currently only 6.1% ” Create a deeper market for buying and selling Olmuksan shares due to the fact that the shares are outstanding. As known, Olmuksan was reclassified to be traded on the Sub-Market on 1 October 2020 following the review of the market structures and criteria for determining the markets in the Istanbul Stock Exchange.
As of the date of disclosure of this special case, of the 23,203,208,500 shares (93.9% of the paid-up capital of Olmuksan) each of which has a nominal value of 0.01 TL, which IP currently owns in Olmuksan, 0.01 A total of 1,361,040,316 shares (5.51% of the paid-up capital of Olmuksan) with a nominal value of TL will be held in the form of exchange-traded shares.
As a result, IP decided to sell these shares traded on the Istanbul Stock Exchange. The sale process can be carried out to date and when deemed necessary, up to 988,410,000 shares (4.0% of Olmuksan’s paid-up capital). IP will provide the necessary explanations each day of the sale. IP may also continue to sell the remaining sales held in the form of shares currently traded on the stock exchange, equal to 1.51% of Olmuksan’s paid-up capital. The sale to be made partially or completely by IP is subject to restrictions under capital market legislation (eg No trading period) and applicable market conditions.
IP will also immediately initiate the necessary transactions to convert 700,000,000 additional Olmuksan shares (corresponding to 2.83% of Olmuksan’s paid-up capital), each with a par value of 0.01 TL. If IP deems it necessary in the next 6 months, it will be possible to offer these shares for sale on the Istanbul Stock Exchange from time to time “.
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