The corporation’s chairman, Aziz Torun, told reporters that with the financing they will earn from the initial public offering (IPO) they would continue to make investments in Turkey. “We plan to make an investment of TL 800 million in the next three years,” he said.
Torunlar GYO, with net assets of TL 2.9 billion, is mostly known for major shopping mall projects such as Zafer Plaza, Ankamall, Deepo Outlet and Korupark in Ankara, Bursa and Antalya. Torun said they initiated the process of offering partial ownership of the company to the public because they thought it was time to share their success. He added that the trading of Torunlar GYO’s shares on the İMKB is expected to begin by the end of this year.
In response to a question, Torun said they plan to distribute half of their profit to shareholders as dividends each year. “We are going public not with the pieces of land we own but with the projects we have already finished. We believe that mostly investors expecting dividends will prefer to buy our shares,” Torun stated.
The company also has five different projects, the construction of which is expected to begin by the end of this year or next year in various Turkish provinces, including İstanbul. The company has equity of some TL 2 billion and realized a TL 147.9 million profit last year.
