REG - Turkiye Vakiflar Ban - Notification Regarding Capital Increase

Turkiye Vakiflar Bankasi TAOAnnouncement

18/05/2020 13:35

RNS Number : 2354N
  
Turkiye Vakiflar Bankasi T. A. O.
  
18 May 2020
  
 

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MIGHT HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS AMENDED)
18 May 2020
Türkiye Vakıflar Bankası T.A.O.
(the "Bank")
Legal Entity Identifier (LEI): 789000KAIHOLSQKQ9858
Notification Regarding Capital Increase
On 11 May 2020, the Bank's Board decided to increase capital through a private placement of new shares to Turkey's sovereign wealth fund (Türkiye Varlık Fonu) (the "Turkey Wealth Fund"), which sale is expected to be completed on 20 May 2020. The Turkey Wealth Fund, which is indirectly controlled by the Ministry of Treasury and Finance of Turkey (the "Turkish Treasury"), is expected to acquire Class D shares for TL 7.0 billion. As a result of such transaction: (a) the Bank's paid-in capital will increase by TL 1.4 billion and the remainder of the purchase price will be added to the "share premium" line item, both of which will result in an increase to the Bank's Tier 1 common equity, (b) the Turkish Treasury's aggregate (direct and indirect) ownership and control of the Bank will increase from 58.51% to 73.44% and (c) the Turkish Treasury (via the Turkey Wealth Fund) will have control over the appointment of the director representing the Class D shareholders.
Upon the completion of such acquisition, the share capital of the Bank and the distribution of shares will be as follows:




Shareholders




Class of Shares




Share



Amount

(TL)





Turkish Treasury (directly and indirectly)........ 


All


73.44%


2,868,354,458




Turkish Treasury........................................ 


A


27.53%


1,075,058,640




Turkish Treasury........................................ 


B


9.93%


387,673,328




Turkey Wealth Fund................................... 


D


35.99%


1,405,622,490




Non-affiliated foundations.............................. 


B


0.06%


2,591,251




Vakıfbank Pension Fund................................. 


C


10.31%


402,552,666




Individuals and legal entities........................... 


C


0.04%


1,527,393




Free float (other than Turkey Wealth Fund).... 


D



16.15%




630,596,723





Total............................................................. 







100.00%




3,905,622,490




The completion of any such transaction is contingent upon the receipt of additional corporate approvals, shareholder approvals, regulatory approvals and other preconditions. A further announcement might be made in due course if appropriate.
This announcement is released by the Bank and contains information that qualified or might have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (as amended, "MAR"), encompassing information relating to the aforementioned transaction. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Mr. Ali Tahan, the Bank's Senior Vice President, responsible for International Banking and Investor Relations.
For more information, please contact:
Contact Name:            Ali Tahan
Title:                Senior Vice President
Telephone:      +90 216 724 2661
E-mail:            investorrelations@vakifbank.com.tr 
 
 
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.
 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
  END
 
 
ISEEAASPFDFEEFA