Draft Communiqué Amending The Tender Offer Communiqué

This Monthly Update provides information on the recent changes to the Tender Offer Communiqué’s essential aspects such as, among others, determination of the shareholders that are subject to mandatory tender offer and the offer price, the exceptions and exemptions applicable to the tender offer, the content of the brokerage agreement and the liabilities arising from the tender offer information form.

Extension of the Duration of Restrictions on Dividend Distributions of Companies

i) notifications to be made to the Turkish Central Registry Agency (the “CRA”) regarding the issuance and transfer of bearer shares of non-public joint stock company; (ii) participation of the holders of the bearer share certificates (the “Shareholders”) to the general assemblies (the “GA”); and (iii) obligations of the companies to keep corporate books. It has been further stated that such amendments shall be effective as of 1 April 2021 (the “Effective Date”).