2014 |
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The Company launched “Manzara Adalar Mixed Use Project” located in Istanbul-Kartal on 22.12.2014. The project comprises 5 blocks, 3 residential and 2 office towers, and also commercial units. There are 975 residential units in the project, having different sizes and plans ranging from 1 to 5 bedroom units. The total estimated development cost of the project is approximtely $300 mn and the project is planned to be completed by the first quarter of 2018.
At the meeting of Board of Directors which was held on December 08, 2014; it was decided to elect Mr. Murat Doğan and Mr. Süleyman H. Özcan as board members to serve until the first ordinary general assembly meeting. Mr. Murat Doğan and Mr. Süleyman H. Özcan are elected in place of Mr. Kemal Şahin and Mr. Engin Topaloğlu respectively, who resigned from their assignments on December 03, 2014.
Also in accordance with the task assignments regarding committe memberships, Mr. Murat Doğan is elected in place of Mr. Kemal Şahin to serve as committe member of Corporate Governance Committee and Early Detection of Risk Committe until the first ordinary general assembly meeting.
As a result of Saha Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş.(SAHA)'s assessment, which is an authorized rating agency operating under the license of Capital Markets Board of Turkey, our Company’s Corporate Governance Rating is determined as “90,92%” (9,09 over 10) as of 04.12.2014.
Our Corporate Governance Rating is determined in compliance with the directive of Capital Markets Board, under the weighted 4 main sections. The overall Corporate Governance Rating and main section ratings can be seen below:
| MAIN SECTIONS | WEIGHTS | RATINGS |
| Shareholders | 25% | 91,02 |
| Disclosure and Transparency | 25% | 97,60 |
| Stakeholders | 15% | 84,35 |
| Board of Directors | 35% | 88,89 |
| AVERAGE RATING | 100% | 90,92 |
Our compliance rating agreement signed with JCR Eurasia Rating will expire on 30.11.2014 and the agreement has been rescinded due to the completion of rating services and period of the agreement. In the new period, our Company will work with Saha Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. and a two year period agreement is signed with Saha on 7.11.2014.
The first coupon payment of the bond(ISIN Code TRSISGY71614) has been made.
The second coupon payment of the bond(ISIN Code TRSISGY41617) has been made.
The interest rate of the third coupon payment of the bond(ISIN Code TRSISGY41617) with a nominal value of TL 100 million with quarterly coupon payments and 2 year maturity, is determined as %2,91.
At the meeting of Board of Directors that was held on August 7, 2014, it was decided to sell our Company’s share in Zeytinburnu Land which corresponds to %25 of the land value to NEF (Timur Real Estate) for TL 94 mn. Previously, İş GYO and NEF had 75% and 25% shares in the project respectively and with the completion of the transaction İş GYO and Nef will both have 50% share in the project.
The second bond issue worth to TL100 million nominal value with a maturity of 2 years and floating rates has been completed on 9 July 2014. The bond coupon payments will be made once a quarter and the interest rate of the first coupon has been determined as 2,52%.
The simple interest rate and compound interest rate of the bond has been determined as 10,08% and 10,50% respectively. The due date of the bond is 11.07.2014 and the redemption date is 08.07.2016
The first coupon payment of the bond(ISIN Code TRSISGY41617) with a nominal value of TL 100 million and a maturity of 2 years, has been completed.
The operations regarding the capital increase amounting TL 50,4 mn has been completed and Company’s new capital which is TL 680,4 mn was registered by the trade registry on 05.06.2014.
At the meeting of Board of Directors which was held on April 28,2014, it was unanimously decided to wind up the 50% owned company named “Nest In Globe(NIG) B.V” and terminate the partnership agreement since the favourable environment regarding the business model has not been realized. NIG was established with Kayı Holding in order to invest in real estate projects to be developed in Russian Federation.
The issuance of debt instruments worth to TL 100 million with a maturity of 2 years and variable rates has been completed on 8th April 2014. The Interest rate of the first coupon payment amounts to 3,06%. The bond coupon payments will be made once a quarter.
On 8 April 2014, the Simple Interest Rate of bond has been determined as 12,24%, Compound Interest Rate as 12,85%. The due date of the bond is 10th of April 2014 and the redemption date is 7th of April 2016.
At the meeting of Board of Directors which was held on April 8, 2014, it was decided to apply to the Capital Markets Board for increasing Company's current issued capital from TL 630.000.000 to TL 680.400.000, in accordance with the approved profit distribution proposal regarding 8% of the issued capital to be distributed to shareholders as stock dividend. The capital increase amounting TL 50.400.000 will be covered by profit of the year 2013. The shares to be issued for the capital increase, will be distrubuted as stock dividend to the shareholders in proportion of their share in the Company’s capital.
At the meeting of Board of Directors which was held on April 8 2014, it was unanimously decided in accordance with the Communiqué II-17.1 on Corporate Governance Principles.
Registration of Ordinary General Assembly Meeting’s results, which was held on March 21th 2014, was completed on 01.04.2014.
Our application regarding the issuance of debt instruments worth up to TL 200 million with a maturity up to 1.200 days, to be sold to qualified investors without being offered to the public, was approved by the Capital Markets Board.
At the meeting of Board of Directors that was held on 21 March 2014; it was unanimously decided to elect Mr. Levent Korba as the Chairman of the Board of Directors and Mr. M.Kemal Fettahoğlu as the Vice Chairman.
Ordinary General Assembly Meeting was held on 21 March, 2014, at 14:00, in İş Kuleleri, Kule 1, Floor:41, Levent–Beşiktaş/İstanbul. In the general assembly meeting;
- The financial statements of the year 2013 were approved.
- Amendment to the Company’s Profit Distribution Policy and Board of Directors' proposal concerning the distribution of 2013 operating profits were approved exactly as they were. In accordance with the Capital Markets Board(CMB) regulations concerning profit distribution, it was decided that; the first shareholder’s dividend amounting TL 81,900,000 will be distributed as TL 31,500,000 in cash and TRY 50,400,000 as bonus share. The cash dividend distribution process will start on 25 March 2014. The Board Members were discharged for their activities in 2013.
- Mr. Levent Korba, Mr. M. Kemal Fettahoğlu, Mrs. D. Sevdil Yıldırım, Mr. Kemal Şahin, Mr. H. Cemal Karaoğlu, Mr. Engin Topaloğlu and Mr. Mete Uluyurt were elected as the members of the Board of Directors for 1 year period.
- Beginning from 01.04.2014, monthly remuneration to be paid to the Board of Directors is determined as gross TL 6,050.
- The independent audit company, Akis Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.(a member of KPMG), which was chosen for year 2014 was approved by the General Assembly.
- The Board Members were authorized for carrying out the transactions provided under the Articles 395 and 396 of the Turkish Commercial Code.
- The Company’s donation limit for 2014 was determined as TL 115,000.
The information about the nominees that will be submitted to the membership of board of directors in the General Assembly Meeting dated 21 March 2014, is available at (www.isgyo.com.tr)
At the meeting of Board of Directors which was held on 04 March 2014, it was unanimously decided to lease Lodge Kapadokya Hotel to İş Merkezleri Yönetim ve İşletim A.Ş.
The annual rent will be determined by deducting 3% of the annual revenue, from the net profit of the hotel.
JCR Eurasia Rating has revised the Compliance with Corporate Governance Principles rating of ISGYO as 8.56 in accordance with the CMB methodology change. The company’s revised compliance levels in each of the four main sections can be seen in the table below. The revision of the rating does not mean any downgrade and totally stems from the methodology change of CMB.
At the meeting of Board of Directors which was held on 28 February 2014, it was unanimously decided to sell the 30 units, which have been kept in the portfolio with investment motives, in Çınarlı Bahçe Residential Project in accordance with the market conditions.
At the meeting of Board of Directors that was held on 25 February 2014, it was unanimously decided to amend the Profit Distribution Policy of the Company in accordance wtih the Communiqué (II-19.1) of the CMB. The Policy will be submitted to the approval of the General Assembly.
Our Company has applied to the Capital Markets Board regarding the issuance of debt instruments worth up to TL 200 million with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors without being offered to the public.
At the meeting of Board of Directors which was held on 13 February 2014, it was unanimously decided to authorize the Head Office regarding the issuance of debt instruments worth up to TL 200 million with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors without being offered to the public.
Announcement Regarding Corporate Governance Committee / 13.02.2014
At the meeting of Board of Directors which was held on 13 February 2014, it was unanimously decided to appoint Mrs. Ayşegül Şahin Kocameşe, Head of Investor Relations and Corporate Compliance & Risk Management and Internal Control Group, as a member of “Corporate Governance Committee” in accordance with the communique published by the CMB on Corporate Governance (II-17.1).
Investor Relations Division, which has been active since 2005, currently operates under “Investor Relations and Corporate Compliance, Risk Management and Internal Control Group”. The contact and license info of the managers in Investor Relations Division is stated below.
Mrs. Ayşegül Şahin Kocameşe,
Head of Investor Relations and Corporate Compliance & Risk Managament and Internal Control Group
License Detail: “Capital Market Activities Advanced Level License” and “Corporate Governance Rating Specialists License”
Contact Detail: 0 212 325 23 50 aysegul.sahin@isgyo.com.trMrs. Mine Kurt Yıldırım, Investor Relations and Corporate Compliance Division Assistant Manager
License Detail: “Capital Market Activities Advanced Level License” and “Corporate Governance Rating Specialists License”
Contact Detail: 0 212 325 23 50 mine.kurt@isgyo.com.tr
At the meeting of Board Of Directors which was held on 24 January 2014 it was unanimously decided that; according to the 35th article of “Communiqué III-48.1 on Principles Regarding Real Estate Investment Companies” about the “Selection of Real Estate Appraisal Company”;
“Harmoni Gayrimenkul Değerleme ve Danışmanlık A.Ş.”, “Reel Gayrimenkul Değerleme A.Ş.”, “Ace Gayrimenkul Değerleme ve Danışmanlık A.Ş.” and “Nova Taşınmaz Değerleme ve Danışmanlık A.Ş.” were selected to take service for the valuation of each asset in our portfolio as of 31.12.2013,
Also, “Nova Taşınmaz Değerleme ve Danışmanlık A.Ş.” or “Reel Gayrimenkul Değerleme A.Ş.”were selected to take service for the valuation of the assets which will be purchased and need appraisal during the year 2014.
All the appraisal companies are CMB authorized local companies. For detailed information about each property and the related appraisal company, please click here.
Public Disclosures between 1999-2009 click here.
