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The dividend distribution principles for public Joint stock corporations are regulated by the CMB’s Communiqué on Dividends (No: II-19.1). Hence, public Joint stock corporations distribute dividends in accordance with the regulations and via the decision of their respective General Assemblies.

Within the framework of their dividend distribution policies, corporations are obliged to at least include the following fundamental considerations:

a)     Whether an actual dividend distribution will be materialized or not, and the dividend distribution rate for the common partners and other people, which bears the legal right to take part in a dividend distribution, should such a distribution is realized.

b)     The date of the actual dividend distribution, with the condition that the distribution will be commenced at the General Assembly, which convene after the end of the last fiscal year.

c)     Form of payment of the dividend (i.e. in cash, shares or both in predetermined proportions)

d)     Whether an advance payment of the dividend distribution will be carried out or not, and the principles of such a distribution, should there be any.

The dividends are to be distributed equally proportionate all existing shares, at the appointed date regardless of their issuance and acquisition dates.

Joint stock corporations, whose equities are traded on the Exchange are free to:

  • distribute the dividend entirely in cash,
  • distribute the dividend entirely as equity,
  • distribute a certain part of it in cash and a certain part of it as equity, and retain the remainder;
  • choose to not to distribute it in either cash or as equity, and retain it within the corporation.

Pending the approval from their respective General Assemblies.

However, unless an allocation has been made for the mandatory legal reserves and the distribution of the dividends assigned by the Articles of Association of the company to the shareholders is completed, a decision could not be taken:

to allocate further legal reserves,

  • to carry the profits forward to the next year,
  • or 
    • to distribute profits to:
      • preferred stockholders,
      • holders of participating certificates,
      • founder's and common dividend shares,
      • members of the board of directors,
Other parties.