Şok Marketler Ticaret A.Ş.’s Dividend Distribution Policy is determined considering the Company’s medium and long-term strategies, investment and financial plans. Starting with the 2018 fiscal year, and subject to the approval of the General Assembly upon the proposal of the Board of Directors, along with potential amendments by them and in accordance with the applicable legislation in Turkey, the Company has adopted a policy to distribute at least 30% of its net distributable profit for each fiscal year in cash, while also considering the Company’s cash flow requirements.
The Dividend Distribution Policy is subject to the Company's cash projections, future expectations regarding operations, investment plans and conditions in the capital markets. In addition, the policy shall be reviewed annually by the Board of Directors based on any adverse development in national and global economic conditions, current projects and the financial resources of the Company. If an amendment to the Dividend Distribution Policy is proposed, the decision of the Board of Directors and its justification will be disclosed to the public in accordance with the Capital Markets Board's regulations on public disclosure of material events.
It is aimed that dividends be paid equally to all existing shares, regardless of their issuance and acquisition dates, within 30 days at the latest following the approval of the general assembly, and the distribution date is decided by the general assembly. Dividend distribution can be made in cash and it can be distributed in one or multiple installments.
Unless the statutory reserves and the dividends determined in the Articles of Association for shareholders are allocated, no other reserves may be set aside, no profit may be transferred to the following year, and no profit distribution may be made to Board members or employees. Also, unless the determined dividend is paid, no profit distribution may be made to these individuals.
The General Assembly may decide to transfer part or all of the net profit to extraordinary reserves, provided that the statutory reserves and the dividend specified for shareholders in the Articles of Association are allocated. If the Board of Directors proposes not to distribute dividends, the reasons and how the undistributed profit will be used will be disclosed to shareholders at the General Assembly meeting.
The Company’s Articles of Association include provisions regarding the distribution of advance dividends, which can be distributed in accordance with the procedures and principles outlined in the applicable legislation.