Turkcell (NYSE: TKC) moves to amend Articles for IMT-2020 services
Rhea-AI Filing Summary
Turkcell İletişim Hizmetleri A.Ş. reported that its Board of Directors has approved moving forward with an amendment to the company’s Articles of Association. The board intends to obtain required approvals from the Capital Markets Board and the Ministry of Trade, and the amendment will also require approval of the General Assembly.
The proposed change updates Article 3, which defines the company’s purpose and scope. The article currently lists licenses related to GSM Pan Europe mobile services, IMT-2000/UMTS infrastructures and services, and IMT services. The amended text adds an additional authorization, the “Authorisation Certificate for Limited Use Rights with regard to IMT-2020 Services,” while preserving the existing purposes and the company’s ability to enter into financing, partnership, and donation arrangements in line with applicable laws.
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FAQ
What change to Turkcell (TKC) Articles of Association is being proposed?
The Board of Directors is proposing an amendment to Article 3, which defines the company’s purpose and scope. The revised text adds “Authorisation Certificate for Limited Use Rights with regard to IMT-2020 Services” to the list of licenses and authorizations under which the company primarily provides services.
What approvals are required for Turkcell (TKC) to amend its Articles of Association?
The amendment requires approvals from the Capital Markets Board and the Ministry of Trade, and it is also subject to approval of the company’s General Assembly.
Does the amendment affect Turkcell (TKC) existing telecommunications licenses?
The amendment preserves references to existing authorizations for “Granting License of Establishing and Operating GSM Pan Europe Mobile Telephone System,” “Establishing, Operating and Providing IMT-2000/UMTS Infrastructures and Services,” and “Authorisation Certificate for Limited Usage Rights with regard to IMT Services,” and adds “Authorisation Certificate for Limited Use Rights with regard to IMT-2020 Services.”
How does the proposed amendment impact Turkcell (TKC) ability to cooperate or invest in other entities?
Article 3 continues to allow the company to cooperate, establish partnerships or companies, take over local or foreign companies, participate in their share capital, establish representative offices, and make donations and aids, provided these activities do not violate its purpose and scope of business and comply with capital markets and other related legislation.
What rules govern Turkcell (TKC) donations and aids under the amended Article 3?
The text states that transactions must not contradict transfer pricing regulations and related legislation. The upper limit of donations is to be determined by the general assembly, necessary public disclosures must be made, and, when required by applicable legislation, donations made within a year must be submitted to shareholders’ information at the general assembly.
Who signed the Turkcell (TKC) report related to the amendment?
The report was signed on behalf of the company by Özlem Yardım, Investor Relations Corporate Finance Director, and Kamil Kalyon, Chief Financial Officer.
