Dividend Distribution Policy
Çimsa Çimento Sanayi ve Ticaret A.Ş.’s (ÇİMSA) Dividend Distribution Policy, has been determined within the framework of Turkish Commercial Code, Capital Markets Law and other related regulations, and according to the related article about dividend distribution in the Articles of Association; in line with ÇİMSA’s medium and long term strategies, investment and financial plans and by taking into consideration the situation of the country’s economy and by balancing the shareholders’ expectations and needs of ÇİMSA.
In line with the decision taken at the General Assembly, although mainly it is adopted to determine the amount of dividends to be distributed; the principle of dividend distribution to shareholders at the rate of 50% per annum in cash and / or in the form of bonus shares, has been envisaged.
Advance dividend payment is not applied in ÇİMSA.
Dividends will be distributed equally as soon as possible to all of the existing share holders irrespective of the shares’ date of issuance and acquisition, with in the legal period, on the date determined by the General Assembly, following the approval of the Generel Assembly.
General Assembly, can transfer a portion or all of the net profit to the extraordinary reserves. If ÇİMSA’s Board of Directors propose to the General Assembly not distributing dividend, the information about the reasons in relation to this situation and the way of usage of the undistributed dividend, is given to the shareholders in the General Assembly Meeting. Likewise, this information is shared with the public by including it in the annual report and on the web site.
Dividend distribution policy is submitted to the approval of shareholders at the Generel Assembly Meeting. This policy is reviewed annually by Board of Directors based on any negativity on national and global economic conditions, according to the status of current projects and funds. Any change in this policy is also submitted to the approval of shareholders at the first General Assembly Meeting after the change and publicized on the website.