Turkey’s Automobile Initiative Group Industry and Trade Inc. or simply TOGG, the company behind the domestic automobile, increased the company’s paid-in capital from 150 million TL to 996 million 774 thousand TL at the ordinary general assembly meeting held on May 31, 2021. This enormous increase of 846 million 774 thousand TL has made TOGG the company with the highest paid-in capital operating in the automotive field in Turkey.
TOGG made the following statements in its statement on the subject:
“After the company’s capital increase decision, there will be changes in the share distribution of the partners. Accordingly, the acquisition process of the shares of KÖK Transportation Transportation A.Ş., which did not participate in the capital increase by deciding to narrow its field of activity, in TOGG, initiated by the existing partners within the framework of the shareholders’ agreement, continues. . Additional information will be provided as the process is completed.”
Companies with the highest paid-in capital operating in the automotive sector in Turkey
- TOGG – 996.774.000 TL
- Mercedes-Benz Türk – 746.548.971 TL
- Hyundai Assan – 627.235.000 TL
- TOFAŞ Türk – 500.000.000 TL
- Ford Otosan – 350.910.000 TL
- Oyak Renault – 323.300.000 TL
- Honda Türkiye – 180.000.000 TL
- Toyota Türkiye – 8.613.000 TL
Following the aforementioned recapitalization, Turkcell, Zorlu and Anadolu Group, the leading shareholders of TOGG, also made a statement to the Public Disclosure Platform, and it was stated that after the capital increase, KÖK started to purchase 0.2 percent of the remaining 2.9 percent share in TOGG’s capital. .
Although BMC, which is not a publicly traded company, has not made a statement on the subject, it is expected that BMC’s share in TOGG will increase to 23 percent and the share of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) to 8 percent after the said capital increase.
What is paid-in capital
Paid-in capital is simply subtracting the outstanding capital from the total capital of the company, or multiplying the nominal value of the shares by the number of shares issued by a public company.