FURTHER EXTENSION OF DIVIDEND DISTRIBUTION RESTRICTION
As one of the governmental measures taken due to Covid19, earlier this year in April 2020, the Turkish Parliament enacted an Omnibus Law that restricted companies from distributing dividends exceeding 25% of the net profit pertaining to the 2019 financial year until 30 September 2020. In an effort to provide further guidance on the implementation principles of this restriction as well as introducing certain exemptions, the Ministry of Trade published the Communiqué on the Procedures and Principles of the Implementation of Temporary Article 13 of the Turkish Commercial Code on 17 May 2020.
On 18 September 2020, it was announced in the Trade Registry Gazette that such restriction on dividend distribution is extended for a further three months, hence shall remain in force until 30 December 2020
