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PROFIT DISTRIBUTION POLICY

PROFIT DISTRIBUTION POLICY OF SİNPAŞ GAYRİMENKUL YATIRIM ORTAKLIĞI ANONİM ŞİRKETİ

Our Company carries out profit distribution within the framework of Turkish Commercial Code, legislation of the Capital Markets Board, Tax Legislation, other relevant legislation and our Articles of Incorporation's relevant article. In determination of the profit distribution, the amendments and developments made in the relevant communiques, our long-term strategy, our company's capital requirements, investment and financing policies and profitability and cash status are considered.

The decision of profit distribution and annual dividend payment is subject to a proposal to be submitted to the approval of the General Assembly every year by the Board of Directors. In this context, the Board of Directors may decide whether or not to propose the distribution of profits with the amount of dividends, and the shareholders may accept or reject this proposal through the general assembly.

In the case that the Board of Directors decides to distribute the profit, the net profit for the period in the financial statements prepared in accordance with the Capital Markets Legislation and subjected to independent auditing is based upon, and minimum 20% of the "distributable profit for the period" calculated in accordance with the Capital Markets Legislation and other relevant legislation is distributed in cash or as bonus shares. The dividend to be distributed in accordance with the decision to be taken in the General Assembly may be fully in cash or as bonus shares as well as partially in cash and partially as bonus shares.

Upon the proposal of the Board of Directors, the General Assembly may determine the dividend distribution date, provided that the last day of the accounting period when the general assembly meeting in which the profit distribution decision is made is not exceeded. Profit share is equally distributed to all current shares as of the date of the distribution, regardless of their dates of issue and acquisition.

Our Company does not distribute advance dividend in principle.

In the case that the Board of Directors proposes to the general assembly to distribute dividends below the aforementioned rate or not distribute dividends, the grounds of such proposal shall be explained to the shareholders.