Fenerbahçe announces rights issue

Fenerbahçe Sports Club, which has a company capital of 1.25 billion liras, will increase it to 6.25 billion liras. The club will use at least 70 percent of the revenue to be generated for financial debts.

The yellow-navy clubThe club shared the prospectus regarding the rights issue,which was approved by the Capital Markets Board, in a statement made to the Public Disclosure Platform (KAP).Inthe statement.

Accordingly,the capital increaserate wasannounced as 400 percent. The statementThe statement indicated that the capital of 1 billion 250 million liras will be increased to 6 billion 250 million liras,and it was stated that the new subscription rights for shares with a nominal value of 1 TL will be exercisedat a price of 2 TLper share.

While 10 billion liras in revenue is expected from this transaction, the goal is to secure 9 billion 975 million 222 thousand 500 liras in funds after deducting 24 million 777 thousand 500 liras in issuance expenses.

Fenerbahçe, byThe club announced that it will use the proceeds from the planned capital increaseto allocate 70 percent toward financial debt, 20 percent for player payments, and 10 percent for tax debt payments,as stated in the announcement.

News Source: 12punto