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Erdemir decided not to distribute dividends for the first time

(EREGL) EREĞLİ DEMİR VE ÇELİK FABRİKALARI T.A.Ş. made a notification regarding the dividend distribution transactions. Erdemir announced to the Public Disclosure Platform that the company will not distribute dividends. Why has EREĞLİ Demir Çelik decided not to pay dividends?

Erdemir decided not to distribute dividends for the first time

Ereğli Demir Çelik stated to the Public Disclosure Platform (KAP) that since they are in the investment period, it has been decided not to distribute cash dividends in order to maintain a healthy cash flow.

The allocation of undistributed net profits for 2022 as extraordinary reserves will be submitted to the approval of the General Assembly at the General Assembly meeting to be held on March 31.

Ereğli also announced the new share buyback program and said, “The Share Buyback Program, which was approved at the Ordinary General Assembly meeting on 14 July 2020, with the decision of our company's Board of Directors, was canceled and the "Share Buyback Program" was approved and authorized to the Board of Directors to ensure that our company buys back its own shares. It has been decided to submit the issue to the General Assembly for approval at the Ordinary General Assembly meeting to be held on March 31, where the operating results for the 1.01.2022-31.12.2022 accounting period will be discussed.

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