All the news/developments about Garanti and the banking sector.
Türkiye Garanti Bankası AŞ to shareholders and the public at large.
Pursuant to a Council of Ministers resolution dated 5 May 2007, all references to “new Turkish lira” will automatically be treated as “Turkish lira” with the elimination of the word “new” from the national currency unit.
Under article 3 of Statute 5083, all references made to “Turkish lira(s)” or “lira(s)” in laws and other legislation, in administrative actions, in judicial judgments, in legal transactions of any kind, and in negotiable instruments and other documents and means of exchange, will be deemed to have been made in terms of “new Turkish lira(s)” at the rate of exchange stipulated in article 2 of the same law. Thus as per article 3 of Statute 5083, references made to “Turkish lira(s)” or “lira(s)” in share certificates were also deemed to have been made in terms of “new Turkish lira(s)” at the rate of exchange stipulated in article 2.
According to the aforementioned Council of Ministers resolution, after the change back to “Turkish lira” from “new Turkish lira” effective 1 January 2009, action must be taken to avoid confusing the nominal values of old shares which are indicated in “Turkish liras” and which investors may still possess with the nominal values of shares that were indicated in “new Turkish liras” but became “Turkish liras” after the reversion. In practice this is to be achieved by taking into account the dates on which all shares are issued or given out in order to determine which “Turkish lira” they are denominated in. Investors are cautioned to exercise care on this matter.
Under a resolution passed at our bank’s annual general meeting held on 4 April 2005 and registered on 7 April 2005, an amendment was made in our articles of incorporation by means of which the nominal value of one share of our company’s stock was changed from “TRL 500” to “YKr 1” as per “Statute 5274 concerning the Amendment of the Turkish Commercial Code”. Because the nominal values expressed on old paper shares of stock that were never exchanged or registered and are still held by shareholders are in terms of “Turkish liras”, the rule is that when such shares are given to any beneficiary they are to be converted to “new Turkish liras” as required by Statute 5083. When such shares are entered into the registration system, they will be treated as “YTL” (new Turkish liras) until 31 December 2009 and after that date they will be tracked as “TL” (Turkish liras) as per Council of Ministers resolution dated 5 May 2007.
Announcement is hereby respectfully made to our bank’s shareholders and to the public at large.
TÜRKİYE GARANTİ BANKASI AŞ
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