Announcement of Transition to IAS 29 Inflation Accounting System
The Capital Markets Board of Türkiye ("CMB") published an important announcement regarding the implementation of inflation accounting in its bulletin dated 28.12.2023. The announcement indicated that the IAS 29 inflation accounting system would be applied in the preparation of annual financial reports for the accounting periods ending on 31 December 2023.
You can access the summary containing the details related to this announcement from here.
Monetary Amounts to be Applied in 2024
With the bulletin dated 29.12.2023 published by the CMB, the current amounts of the monetary amounts subject to revaluation rate in the Capital Markets Law No. 6362 ("Law") and in the regulations or communiqués to be applied for the year 2024 were announced.
Accordingly (not limited to below):
- The amounts for administrative fines specified in the Law have been increased by 58.46%;
- The minimum capital requirement for transitioning to the registered capital system has been set at TRY 100 million;
- The threshold for companies planning to go public in 2024 has been determined as TRY 750 million in turnover and TRY 1 billion 500 million in asset size as of the end of 2023.
Issuances Approved by The Capital Markets Board of Türkiye – December 2023
| INITIAL PUBLIC OFFERINGS | ||
| COMPANY NAME | TYPE of SALE | SIZE of ISSUANCE |
| Mega Metal Sanayi ve Ticaret AŞ | Offering Through Issuance of New Shares, Sale of Existing Shares and Sales of Additional Shares | TRY 40,000,000 TRY 13,000,000 and TRY 9,750,000 |
| Kuzey Boru AŞ | Offering Through Issuance of New Shares and Sale of Existing Shares | TRY 20,000,000 and TRY 4,000,000 |
| Sur Tatil Evleri Gayrimenkul Yatırım Ortaklığı AŞ | Offering Through Issuance of New Shares and Sale of Existing Shares | TRY 22,500,000 and TRY 22,500,000 |
| Avrupakent Gayrimenkul Yatırım Ortaklığı AŞ | Offering Through Issuance of New Shares and Sale of Existing Shares | TRY 65,000,000 and TRY 35,000,000 |
| Fonet Bilgi Teknolojileri AŞ | Issuance Through Internal Resources | TRY 104,000,000 |
| LDR Turizm AŞ | Issuance Through Internal Resources | TRY 99,000,000 |
| Emek Elektrik Endüstrisi AŞ | Offering Through Issuance of New Shares and Public Offering | TRY 75,000,000 |
| Akfen Gayrimenkul Yatırım Ortaklığı AŞ | Offering Through Issuance of New Shares and Public Offering | TRY 2,600,000,000 |
| Ege Seramik Sanayi ve Ticaret AŞ | Offering Through Issuance of New Shares | TRY 360,000,000 |
| Ege Gübre Sanayii AŞ | Issuance Through Internal Resources | TRY 60,000,000 |
| Karel Elektronik Sanayi ve Ticaret AŞ | Offering Through Issuance of New Shares and Public Offering | TRY 402,942,765,175 |
| Frigo-Pak Gıda Maddeleri Sanayi ve Ticaret AŞ | Private Placement | TRY 150,000,000 |
| Merko Gıda Sanayi ve Ticaret AŞ | Private Placement | TRY 100,000,000 |
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