Karabuk Iron and Steel Factories Inc. (KARDEMİR) made a statement regarding the agreement of the Turkish Wealth Fund to purchase some of the Group A shares of two shareholders in KARDEMİR over the stock market.
In the statement made by the company, “KARDEMİR Karabük Demir Çelik Sanayi ve Ticaret Anonim Şirketi, which is the first of our country, one of the few integrated steel producers in the world, and the 500th among Turkey's top 24 industrial establishments, is a national company with 2,5 million tons of liquid steel production. It has an important and strategic position in the industrial move.
In order to ensure the implementation of the 2037 Kardemir Strategy, which is being formed in line with the centennial goals of our company, with a stronger partnership and management structure, our affiliated companies by the Turkey Wealth Fund, which aims to add value to the deep-rooted institutions of our country and is the pioneer of economic, social and environmentally sustainable development with more investment and production. KARÇEL Kardemir Steel Structure Manufacturing Industry and Trade Inc. and KARDÖKMAK Kardemir Döküm Makina Sanayi ve Ticaret A.Ş. to purchase 20,93 lots, representing 50.294.346,76 percent of our Company's A group shares, at the closing price of Borsa Istanbul as of the end of 05.12.2022.
By representing the said shares, which are deprived of voting rights due to the mandatory provisions of Article 389 of the Turkish Commercial Code, by a financially strong partner, in accordance with the spirit of the Turkish Commercial Code and the Capital Markets Board regulations, the future vision of our Company and our subsidiaries and a corporate transformation move are initiated. It is aimed to continue with a stronger financial structure, to protect the rights and interests of all our shareholders who invest in our Company with confidence, as well as in the past, today and in the future, as well as all stakeholders with whom we interact.
We hope that this agreement will be beneficial for our Company, Turkey Wealth Fund, our country, the people of Karabük, all our investors and stakeholders.
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