2002 Annual Report - Turkish Airlines

30 • 2002 TURKISH AIRLINES annual reportCAPITAL REVIEWTurkish Airlines adopted the registered capital system pursuant to Decision No. 815 made by the Capital Markets Board on October 26, 1990. Accordingto this, the Company’s maximum share capital is TL 700 billion. The Public Housing and Public Participation Administration became a shareholder ofTurkish Airlines as per the Supreme Planning Council’s Decree No. 89/12 of July 17, 1989. It was subsequently decided, however, that the Companybe subject to Law No. 4046 which regulates privatization practices and amends certain decree laws. This law, which went into effect after beingpublished in the Official Gazette of November 27, 1994 numbered 22,124, transferred control of Turkish Airlines to the Turkish PrivatizationAdministration.As of December 31, 2001, the registered capital of Turkish Airlines was TL 500 trillion, with issued capital standing at TL 175 trillion.REGISTERED CAPITALISSUED CAPITALTL 500,000,000,000,000 TL 175,000,000,000,000The distribution of issued shares as of December 31, 2001 are as follows:SHAREHOLDER CAPITAL (TL) CLASS TYPE SHARESPRIVATIZATION ADMINISTRATION 101,788,947,557,834 A Bearer 101,788,947,558OTHER SHAREHOLDERS 3,211,052,441,166 A Bearer 3,211,052,441PRIVATIZATION ADMINISTRATION 70,000,000,000,000 B Registered 70,000,000,000PRIVATIZATION ADMINISTRATION 1,000 C Registered 1TOTAL 175,000,000,000,000 175,000,000,000