Turkish Airlines is seeking regulatory approval to double its authorised capital ceiling, potentially enabling it to raise its share capital to TL10 billion ($276 million).
The company secured clearance from the country’s Capital Markets Board on 14 February and it applied on 17 February for similar authorisation from the ministry of trade.
It states that its previous capital ceiling validity period expired at the end of 2024, and it is seeking a new five-year validity period which will run from 2025-29.
The company’s previous ceiling was TL5 billion divided into 500 billion shares. It wants to amend this to TL10 billion and 1 trillion shares, although it has not specified a particular reason.
Turkish Airlines’ current issued capital is 138 billion shares, of which a single share is held by the treasury ministry.
Foreign entities are permitted to own up to 40% of the share capital.
Once the trade ministry clears the ceiling request, Turkish Airlines will put the proposal before shareholders for approval.
Turkish Airlines is set to release full-year financial results for 2024 on 28 February.