Panora GYO Deputy Chairman Güran: “Hello Borsa İstanbul, we are here, and we are happy to be here!”

Panora Gayrimenkul Yatırım Ortaklığı A.Ş. (Real Estate Investment Trust) went public under the leadership of Deniz Yatırım, and started to trade on Borsa İstanbul after the bell-ringing ceremony held this morning. The company’s motto was “Double Guarantee”, and the shares offered to the public attracted a demand equal to approximately three times the offering. Panora GYO offered 25% of its capital to the public and has been introduced to Borsa İstanbul with a market capitalization of TL 408.9 million. The company’s ticker code is “PAGYO”.

Panora GYO includes Ankara’s prestigious mall Panora in its portfolio. Undertaking to distribute the highest amount of profits in cash with a percentage of minimum 75%, Panora GYO will be the leading company in this respect. Furthermore, the company undertakes to buy back the shares offered at TL 4.70, at a price of TL 4.76 at the end of 90 days.

• Panora GYO Sets an Example

The bell-ringing ceremony was realized with the participation of the officials of Borsa İstanbul, Panora GYO and Deniz Yatırım. Borsa İstanbul Executive Vice President Mustafa Kemal Yılmaz said in the ceremony, “We are very pleased with the public offering of Panora Real Estate Investment Trust. Real estate projects highly contribute to Turkey’s growth” and added:

“Shopping and living centers are in our lives as the modern face of the retail sector, which create employment, strengthen registered economy, and provide satisfactory shopping opportunities. Panora Mall, which is included in the company’s portfolio, serves the public with a wide range of shops, concept avenues, and store chains. I hope that the IPO will prove beneficial for both Panora GYO as well as all relevant parties, and take this opportunity to invite other companies to make use of the opportunities offered by the capital markets”.

• Panora GYO Leads Borsa İstanbul in terms of Dividend Distribution

Panora GYO Deputy Chairman Sacit Güran mentioned that their real estate portfolio includes Panora Mall operating in Çankaya, Oran, and said, “We are now in the presence of investors as a company that operates at next to 100% capacity, hosts important trademarks, has a steadily increasing rental income and stable profitability, that has completed its investments, that is debt-free, and has no needs for resources and therefore shares its profits with its shareholders.

Güran stressed that they went public promising “Double Guarantee” for the investors, which attracted much interest, and continued:

“Today, we are here as the first Borsa İstanbul company to guarantee cash dividend distribution at a minimum rate of 75%. Although this is our promise, what we aim is to continue to share all our distributable profit with our shareholders as we have done in the last three years. We are very pleased to see that this dividend distribution policy appeals to investors in an environment where profit margins narrow, investors seek secure havens, and dividend distribution policies gain importance.  On the other hand, as the issuer, I would like to remind you once more that we undertake to buyback all of the shares that we have issued at TL 4.70, at a price of TL 4.76 at the end of 90 days.

• From 53 to 5,000 shareholders

Güran said that the initial public offering, which was completed in the previous week, attracted much attention from investors, and added, “The demand was almost three times the offering. As we had planned, 90% and 10% of the shares were sold to, respectively, domestic individual investors and domestic institutional investors. We are pleased that although we are based in Ankara, demand came from all of the 80 cities of Turkey. We have also proudly recorded in our company history that the demand from Ankara is higher than that of İstanbul, which is a display of Ankara’s attachment to its own trademark. İzmir ranked third in terms of demand, followed by Muğla, Antalya and Bursa”.

“We are excited that we have reached over 5,000 shareholders from a mere 53, and that we have grown to be a big company not in terms of company value only, but in terms of number of shareholders, as well. Now, we aim to continue to strengthen our profitable, healthy, stable and fast growth, with our new shareholders and the power they give us. We hope to continue to contribute to the social and economic life of our dear Ankara and to the Turkish economy, while growing further with our shareholders, earning more, and sharing our profits with them”.

Güran expressed his gratitude to the managers and specialists of the Capital Markets Board (CMB) and Borsa İstanbul as well as the consortium leader Deniz Yatırım, consortium member investment companies, investors, members of the media, and all solution partners. Güran finished his speech by saying, “Hello Borsa İstanbul. We are here, and we are happy to be here!”