Odaş Electricity Production Industry Trade Inc. (ODAS) has released an important statement regarding its share buyback program.
Current Status of the Buyback Program
According to the decision made by Odaş Electricity’s Board of Directors on December 6, 2023, the company allocated 800,000,000 TL to buy back 75,000,000 shares. To date, 15,000,000 shares have been repurchased, bringing the total percentage of these shares in the capital to 1.0714%.
Why Did Odaş Electricity Halt the Buybacks?
As per the notification and principles stated in the Capital Markets Board’s bulletin numbered 2024/37 dated August 1, 2024, companies must conduct buybacks in accordance with relevant regulations until the date of the general assembly. Due to Odaş Electricity’s lack of distributable profit for the 2023 fiscal year, share repurchases have been paused in accordance with these regulations.
The company stated that it will reconsider the buyback topic if suitable conditions arise in the future and emphasized that share purchases made by the main shareholders are excluded from this situation. Developments regarding Odaş Electricity Production Industry Trade Inc. shares and the buyback program are closely monitored by investors.
Source
Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
