Article 74 of Capital Markets Authority Law

A person shall, within thirty days of directly or indirectly acquiring ownership exceeding 30 of the traded securities of a listed shareholding company, proceed to submit an offer to purchase all the remaining traded shares pursuant to the conditions and in accordance with the controls specified by the Regulations. The following cases shall be exempt from this provision: 1 - Acquisition in consideration of the public interest and the interests of the remaining shareholders; the Authority shall issue a written, reasoned exemption decision. 2 - Obtaining the aforementioned proportion as a result of an increase in the company’s capital and some shareholders refraining from subscribing. Law Index 1359 Home Page Capital Markets Authority Law Law No. 7 of 2010 concerning the Establishment of the Capital Markets Authority and the Regulation of Securities Activities 3 - Obtaining the aforementioned proportion as a result of debt capitalization. 4 - Obtaining the aforementioned proportion as a result of inheritance, a will or a judicial judgment. In this case, he shall regularize his position within a period not exceeding two years from the devolution of this increase. h - Other cases determined by the instructions and rules issued by the Authority.