Turkish Airlines (THY) has decided to launch a new share buyback program in order to boost investor confidence and maintain share price stability amid fluctuations in capital markets. According to the decision made by the Board of Directors, the buyback program previously initiated with the board’s approval on February 14, 2023, will end as of the first general assembly meeting, in line with the Capital Markets Board’s (CMB) decision dated August 1, 2024.
Accordingly, the THY Board of Directors has moved to implement a new share buyback program. This program aims to serve the following key objectives:
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Full compliance with current capital market regulations,
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Supporting the trading of THY shares at levels close to their true market value,
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Minimizing the short-term negative impacts of sudden declines in share price to protect investor rights,
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Promoting healthy and stable price formation,
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Preserving investor interest and encouraging longer holding periods for shares.
General Assembly Approval Expected for 3-Year Program
In line with the board’s decision, the new share buyback program intended to be valid for three years will be submitted for shareholder approval at the upcoming general assembly meeting.
Under the planned program:
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A maximum of TRY 9,000,000,000 from the company’s cash portfolio will be allocated.
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The maximum number of shares to be repurchased will be limited to 1.7% of THY’s issued capital.
