{"id":374,"date":"2025-12-22T01:14:03","date_gmt":"2025-12-21T22:14:03","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=374"},"modified":"2025-12-22T01:14:03","modified_gmt":"2025-12-21T22:14:03","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-merko-merko-gida-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/374","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #MERKO | Merko G\u0131da 2025\/9 Bilan\u00e7o Analizi | \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #MERKO | Merko G\u0131da 2025\/9 Bilan\u00e7o Analizi | Helal, Kosher ve BRC Sertifikalar\u0131 \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/TiIVCMHgaLg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Merko G\u0131da&#8217;n\u0131n Kaderini De\u011fi\u015ftiren Genel Kurul: Bilmeniz Gereken 5 Kritik Karar<\/h1>\n<p>Kurumsal genel kurul toplant\u0131lar\u0131 genellikle yat\u0131r\u0131mc\u0131lar i\u00e7in kuru formaliteler gibi g\u00f6r\u00fcn\u00fcr. Raporlar okunur, oylamalar yap\u0131l\u0131r ve \u00e7o\u011fu zaman s\u00fcrpriz olmadan sona erer. Ancak MERKO G\u0131da&#8217;n\u0131n 14 Kas\u0131m 2025 tarihinde ger\u00e7ekle\u015ftirdi\u011fi genel kurul toplant\u0131s\u0131 bu kal\u0131b\u0131n d\u0131\u015f\u0131na \u00e7\u0131kt\u0131. \u015eirketin gelece\u011fini k\u00f6kten \u015fekillendirecek nitelikte, son derece \u00f6nemli kararlar al\u0131nd\u0131. Bu yaz\u0131da, toplant\u0131 tutanaklar\u0131ndan yola \u00e7\u0131karak yat\u0131r\u0131mc\u0131lar\u0131n bilmesi gereken en \u015fa\u015f\u0131rt\u0131c\u0131 ve etkili be\u015f kritik karar\u0131 sizler i\u00e7in derledik.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. K\u00e2r Paradoksu: Bir \u015eirket Ayn\u0131 Anda Hem Nas\u0131l K\u00e2rl\u0131 Hem de Zararda Olabilir?<\/h3>\n<p>Toplant\u0131da ortaya \u00e7\u0131kan en \u015fa\u015f\u0131rt\u0131c\u0131 finansal durum, \u015firketin farkl\u0131 muhasebe standartlar\u0131na g\u00f6re hem k\u00e2r hem de zarar a\u00e7\u0131klamas\u0131yd\u0131. G\u00fcndemin 8. maddesinde belirtildi\u011fi \u00fczere:<\/p>\n<ul>\n<li>T\u00fcrkiye Muhasebe Standartlar\u0131&#8217;na (TMS) g\u00f6re haz\u0131rlanan finansal tablolarda \u015firket <b>378.371,84 TL net d\u00f6nem k\u00e2r\u0131<\/b> elde etmi\u015f g\u00f6r\u00fcn\u00fcyordu.<\/li>\n<li>Ancak Vergi Usul Kanunu (VUK) kay\u0131tlar\u0131na g\u00f6re ise ayn\u0131 d\u00f6nemde <b>68.139.501,92 TL net d\u00f6nem zarar\u0131<\/b> raporlanm\u0131\u015ft\u0131.<\/li>\n<\/ul>\n<p>Bu durumun do\u011frudan bir sonucu oldu: Y\u00f6netim Kurulu&#8217;nun, vergi kay\u0131tlar\u0131ndaki zarar nedeniyle <b>k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131<\/b> y\u00f6n\u00fcndeki teklifi oy birli\u011fi ile kabul edildi. Yat\u0131r\u0131mc\u0131lar i\u00e7in kritik olan nokta \u015fudur: T\u00fcrkiye&#8217;de temett\u00fc da\u011f\u0131t\u0131m kararlar\u0131n\u0131n yasal dayana\u011f\u0131, yat\u0131r\u0131mc\u0131lara sunulan TMS raporlar\u0131 de\u011fil, vergi dairesine sunulan VUK kay\u0131tlar\u0131d\u0131r. Bu nedenle, VUK&#8217;a g\u00f6re olu\u015fan zarar, k\u00e2r da\u011f\u0131t\u0131m\u0131n\u0131 hukuken imkans\u0131z k\u0131lm\u0131\u015ft\u0131r. Bu durum, kurumsal muhasebenin karma\u015f\u0131kl\u0131\u011f\u0131n\u0131 ve farkl\u0131 standartlar\u0131n hissedar getirilerini nas\u0131l do\u011frudan etkiledi\u011fini g\u00f6steren \u00e7arp\u0131c\u0131 bir \u00f6rnektir.<\/p>\n<h3>2. Hissedarl\u0131kta Yeni Bir D\u00f6nem: G\u00fc\u00e7 Dengesini De\u011fi\u015ftiren \u0130mtiyazl\u0131 Paylar<\/h3>\n<p>Toplant\u0131n\u0131n belki de en sars\u0131c\u0131 ve kurumsal y\u00f6netim a\u00e7\u0131s\u0131ndan en tart\u0131\u015fmal\u0131 an\u0131, g\u00fcndemin 17. maddesi olan <b>&#8220;Dilek, temenniler ve kapan\u0131\u015f&#8221;<\/b> b\u00f6l\u00fcm\u00fcnde ya\u015fand\u0131. \u015eirketin t\u00fcm hisse yap\u0131s\u0131n\u0131 ve g\u00fc\u00e7 dengesini k\u00f6kten de\u011fi\u015ftirecek bir karar, ana g\u00fcndem maddesi olarak de\u011fil, toplant\u0131n\u0131n sonunda ana ortak AG Giri\u015fim Holding A.\u015e.&#8217;nin talebi \u00fczerine \u0130smail AKSA\u00c7 taraf\u0131ndan duyuruldu. B\u00f6ylesine temel bir de\u011fi\u015fikli\u011fin neden ayr\u0131 ve net bir g\u00fcndem maddesi olarak de\u011fil de kapan\u0131\u015f b\u00f6l\u00fcm\u00fcnde sunuldu\u011fu, \u015feffafl\u0131k a\u00e7\u0131s\u0131ndan sorgulanmas\u0131 gereken \u00f6nemli bir detayd\u0131r.<\/p>\n<p>Bu duyuruya g\u00f6re, \u015firketin uzun vadeli istikrar\u0131n\u0131 ve rekabet g\u00fcc\u00fcn\u00fc g\u00fcvence alt\u0131na almak amac\u0131yla paylar, farkl\u0131 imtiyazlara sahip \u00fc\u00e7 gruba ayr\u0131ld\u0131:<\/p>\n<ul>\n<li><b>A Grubu:<\/b> Y\u00f6netim Kurulu&#8217;nun yar\u0131s\u0131n\u0131 belirleyecek \u00fcyeleri aday g\u00f6sterme ve se\u00e7me imtiyaz\u0131 ile Y\u00f6netim Kurulu Ba\u015fkan\u0131 ve Ba\u015fkan Vekili&#8217;ni belirlemede imtiyaz sahibi olacak.<\/li>\n<li><b>B Grubu:<\/b> Genel kurul oylamalar\u0131nda pay ba\u015f\u0131na 5 (be\u015f) oy hakk\u0131 imtiyaz\u0131na sahip olacak.<\/li>\n<li><b>C Grubu:<\/b> Borsada i\u015flem g\u00f6ren ve herhangi bir imtiyaz\u0131 olmayan standart paylar olarak kalacak.<\/li>\n<\/ul>\n<p>Karar\u0131n Sermaye Piyasas\u0131 Kurulu (SPK) taraf\u0131ndan resmi olarak &#8220;<b>\u00f6nemli nitelikte i\u015flem<\/b>&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lmas\u0131, de\u011fi\u015fikli\u011fin ne kadar k\u00f6kl\u00fc oldu\u011funun alt\u0131n\u0131 \u00e7iziyor.<\/p>\n<h3>3. Muhalif Hissedarlar \u0130\u00e7in &#8220;Ayr\u0131lma Hakk\u0131&#8221;: Pay Ba\u015f\u0131na 14,50 TL&#8217;lik Teklif<\/h3>\n<p>Bir \u00f6nceki maddede a\u00e7\u0131klanan ve &#8220;\u00f6nemli nitelikte i\u015flem&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lan bu radikal yeniden yap\u0131lanman\u0131n do\u011frudan ve yasal olarak zorunlu bir sonucu olarak, muhalif hissedarlara bir \u00e7\u0131k\u0131\u015f kap\u0131s\u0131 sunuldu. Bu, \u015firketin bir l\u00fctfu de\u011fil, SPK&#8217;n\u0131n &#8220;\u00d6nemli Nitelikteki \u0130\u015flemler ve Ayr\u0131lma Hakk\u0131 Tebli\u011fi&#8221; uyar\u0131nca yerine getirmesi gereken bir y\u00fck\u00fcml\u00fcl\u00fckt\u00fcr. Mekanizma \u015fu \u015fekilde i\u015fleyecek:<\/p>\n<ul>\n<li>Genel kurula kat\u0131l\u0131p imtiyazl\u0131 pay yap\u0131s\u0131 de\u011fi\u015fikli\u011fine <b>kar\u015f\u0131 oy kullanan<\/b> ve bu muhalefetini tutana\u011fa i\u015fleten hissedarlar, paylar\u0131n\u0131 satma hakk\u0131na sahip olacak.<\/li>\n<li>Paylar\u0131 sat\u0131n alacak olan taraf, de\u011fi\u015fikli\u011fi teklif eden ana ortak <b>AG Giri\u015fim Holding A.\u015e.<\/b>&#8216;dir.<\/li>\n<li>Bu hak i\u00e7in belirlenen pay ba\u015f\u0131na \u00e7\u0131k\u0131\u015f fiyat\u0131 net bir \u015fekilde <b>14,50 TL<\/b> olarak duyuruldu.<\/li>\n<li>AG Giri\u015fim Holding A.\u015e.&#8217;nin bu geri al\u0131m i\u00e7in ay\u0131rd\u0131\u011f\u0131 maksimum fon ise <b>100.000.000 TL<\/b> olarak belirlendi.<\/li>\n<\/ul>\n<p>Bu teklif, b\u00f6ylesine b\u00fcy\u00fck bir kurumsal y\u00f6netim de\u011fi\u015fikli\u011fi s\u0131ras\u0131nda az\u0131nl\u0131k hissedarlar\u0131n\u0131n haklar\u0131n\u0131 korumaya y\u00f6nelik yasal bir g\u00fcvence mekanizmas\u0131 olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n<h3>4. \u015eeffafl\u0131k Ad\u0131m\u0131: Y\u00f6netim Kurulu \u00dcyelerinin \u00dccretleri Ne Kadar?<\/h3>\n<p>Yat\u0131r\u0131mc\u0131lar\u0131n kurumsal y\u00f6netimi ve genel giderleri de\u011ferlendirmesi a\u00e7\u0131s\u0131ndan en \u00f6nemli verilerden biri y\u00f6netim kurulu \u00fcyelerine \u00f6denen \u00fccretlerdir. Toplant\u0131n\u0131n 12. maddesinde, 01.07.2025-30.06.2026 d\u00f6nemi i\u00e7in \u00f6denecek \u00fccretler, g\u00f6rev tan\u0131mlar\u0131yla birlikte net bir \u015fekilde karara ba\u011fland\u0131:<\/p>\n<ul>\n<li><b>Y\u00f6netim Kurulu Ba\u015fkan\u0131:<\/b> 85.000 TL ayl\u0131k net huzur hakk\u0131<\/li>\n<li><b>Y\u00f6netim Kurulu Ba\u015fkan Vekili:<\/b> 60.000 TL ayl\u0131k net huzur hakk\u0131 + ayn\u0131 zamanda Genel M\u00fcd\u00fcr Yard\u0131mc\u0131l\u0131\u011f\u0131 g\u00f6revi i\u00e7in 25.000 TL ayl\u0131k net maa\u015f<\/li>\n<li><b>Y\u00f6netim Kurulu \u00dcyesi:<\/b> 30.000 TL ayl\u0131k net huzur hakk\u0131 + ayn\u0131 zamanda Genel M\u00fcd\u00fcrl\u00fck g\u00f6revi i\u00e7in 25.000 TL ayl\u0131k net maa\u015f<\/li>\n<li><b>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyeleri:<\/b> 30.000 TL ayl\u0131k net huzur hakk\u0131<\/li>\n<\/ul>\n<p>Bu detayl\u0131 ayr\u0131m, yat\u0131r\u0131mc\u0131n\u0131n denetim g\u00f6revi i\u00e7in \u00f6denen &#8220;huzur hakk\u0131&#8221; ile icra g\u00f6revi i\u00e7in \u00f6denen &#8220;maa\u015f&#8221; aras\u0131ndaki fark\u0131 net bir \u015fekilde g\u00f6rmesini sa\u011flayarak y\u00f6netim maliyetlerinin daha do\u011fru analiz edilmesine olanak tan\u0131r.<\/p>\n<h3>5. Gelece\u011fe Y\u00f6nelik Vizyon: 6 Milyon TL&#8217;lik Ba\u011f\u0131\u015f \u00dcst Limiti<\/h3>\n<p>Toplant\u0131n\u0131n 9. g\u00fcndem maddesi, \u015firketin gelece\u011fe bak\u0131\u015f\u0131na dair ilgin\u00e7 bir sinyal verdi. \u0130lk olarak, geride kalan 01.07.2024-30.06.2025 d\u00f6neminde \u015firketin hi\u00e7bir ba\u011f\u0131\u015f yapmad\u0131\u011f\u0131 bilgisi payla\u015f\u0131ld\u0131.<\/p>\n<p>Ancak hemen ard\u0131ndan, \u00f6n\u00fcm\u00fczdeki 01.07.2025-30.06.2026 d\u00f6nemi i\u00e7in yap\u0131lacak ba\u011f\u0131\u015flar\u0131n \u00fcst limitinin <b>6.000.000 TL<\/b> olarak belirlenmesi oy birli\u011fi ile kabul edildi. 68 milyon TL vergi zarar\u0131 a\u00e7\u0131klayan ve temett\u00fc da\u011f\u0131tmayan bir \u015firketin, bir sonraki y\u0131l i\u00e7in 6 milyon TL gibi ciddi bir ba\u011f\u0131\u015f b\u00fct\u00e7esi belirlemesi, ilk bak\u0131\u015fta \u00e7eli\u015fkili g\u00f6r\u00fcnebilir. Ancak kurumsal y\u00f6netim analizi a\u00e7\u0131s\u0131ndan bu, y\u00f6netimin gelecekteki kazan\u00e7 beklentilerine dair piyasaya verdi\u011fi g\u00fc\u00e7l\u00fc ve \u00f6zg\u00fcvenli bir sinyaldir. Bu, mevcut finansal optiklere ra\u011fmen marka de\u011feri ve sosyal sermaye in\u015fa etmeye y\u00f6nelik stratejik bir hamledir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3><b>Conclusion<\/b><\/h3>\n<p>Merko G\u0131da&#8217;n\u0131n 14 Kas\u0131m 2025 tarihli genel kurulu, s\u0131radan bir toplant\u0131n\u0131n \u00e7ok \u00f6tesinde, \u015firketin gelece\u011fini yeniden \u015fekillendiren bir d\u00f6n\u00fcm noktas\u0131 oldu. \u00d6zellikle hissedarl\u0131k haklar\u0131n\u0131n radikal bir \u015fekilde yeniden yap\u0131land\u0131r\u0131lmas\u0131, y\u00f6netimde yeni bir d\u00f6nemin habercisi. Al\u0131nan bu kararlar, \u015firketin stratejik y\u00f6neliminde \u00f6nemli bir d\u00f6n\u00fc\u015f\u00fcm sinyali veriyor. Ak\u0131llardaki en \u00f6nemli soru ise \u015fu: Bu yeni ve daha merkeziyet\u00e7i y\u00f6netim yap\u0131s\u0131, Merko G\u0131da&#8217;y\u0131 hedeflerine daha h\u0131zl\u0131 ula\u015ft\u0131rabilir mi? Yoksa bu denli \u00f6nemli bir karar\u0131n genel kurulun kapan\u0131\u015f\u0131nda duyurulmas\u0131, \u015feffafl\u0131k ve az\u0131nl\u0131k haklar\u0131 konusunda yat\u0131r\u0131mc\u0131lar i\u00e7in yeni riskler mi bar\u0131nd\u0131r\u0131yor?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Merko G\u0131da 14 Kas\u0131m 2025 Tarihli Ola\u011fan Genel Kurul Toplant\u0131s\u0131 Brifingi<\/span><\/h1>\n<h2>\u00d6zet<\/h2>\n<p>Merko G\u0131da Sanayi ve Ticaret A.\u015e.&#8217;nin 14 Kas\u0131m 2025 tarihinde ger\u00e7ekle\u015ftirilen Ola\u011fan Genel Kurul toplant\u0131s\u0131nda, 01.07.2024-30.06.2025 \u00f6zel hesap d\u00f6nemine ili\u015fkin t\u00fcm ola\u011fan g\u00fcndem maddeleri oy birli\u011fi ile kabul edilmi\u015ftir. Bu kararlar aras\u0131nda finansal tablolar\u0131n ve raporlar\u0131n onay\u0131, Y\u00f6netim Kurulu \u00fcyelerinin ibras\u0131 ve yeni ba\u011f\u0131ms\u0131z denet\u00e7inin se\u00e7imi yer almaktad\u0131r. Toplant\u0131da, \u015firketin Vergi Usul Kanunu (VUK) h\u00fck\u00fcmlerine g\u00f6re 68.139.501,92 TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klamas\u0131 nedeniyle k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na karar verilmi\u015ftir. Ayr\u0131ca, \u00fc\u00e7 y\u0131ll\u0131k bir g\u00f6rev s\u00fcresi i\u00e7in yeni Y\u00f6netim Kurulu \u00fcyeleri se\u00e7ilmi\u015f ve \u00fccretleri belirlenmi\u015ftir.<\/p>\n<p>Toplant\u0131n\u0131n en kritik ve stratejik geli\u015fmesi, ana ortak AG Giri\u015fim Holding A.\u015e. taraf\u0131ndan sunulan, \u015firketin pay yap\u0131s\u0131n\u0131 temelden de\u011fi\u015ftirecek olan imtiyazl\u0131 pay olu\u015fturma teklifidir. Bu teklif, \u015firketin uzun vadeli yat\u0131r\u0131m ve b\u00fcy\u00fcme hedeflerini g\u00fcvence alt\u0131na almay\u0131, rekabet g\u00fcc\u00fcn\u00fc art\u0131rmay\u0131 ve payda\u015f menfaatlerini korumay\u0131 ama\u00e7lamaktad\u0131r. Teklif kapsam\u0131nda, Y\u00f6netim Kurulu se\u00e7imlerinde ve oy hakk\u0131nda ana orta\u011fa \u00f6nemli avantajlar sa\u011flayan A ve B Grubu imtiyazl\u0131 paylar\u0131n olu\u015fturulmas\u0131 planlanmaktad\u0131r.<\/p>\n<p>Bu de\u011fi\u015fiklik, Sermaye Piyasas\u0131 Kurulu (SPK) mevzuat\u0131 uyar\u0131nca &#8220;\u00f6nemli nitelikte i\u015flem&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r. Bu nedenle, teklife olumsuz oy verecek pay sahiplerine, ana ortak AG Giri\u015fim Holding A.\u015e.&#8217;ye paylar\u0131n\u0131 satma yoluyla ortakl\u0131ktan &#8220;ayr\u0131lma hakk\u0131&#8221; tan\u0131nmaktad\u0131r. Ayr\u0131lma hakk\u0131 kullan\u0131m fiyat\u0131, pay ba\u015f\u0131na 14,50 TL olarak belirlenmi\u015f olup, ana ortak bu i\u015flem i\u00e7in azami 100.000.000 TL kaynak ay\u0131rmay\u0131 taahh\u00fct etmi\u015ftir. Bu teklif, \u015firketin gelecekteki y\u00f6netim ve kontrol yap\u0131s\u0131n\u0131 \u015fekillendirecek en \u00f6nemli g\u00fcndem maddesi olarak \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. Toplant\u0131 Genel Bilgileri ve Kat\u0131l\u0131m<\/h3>\n<p>Merko G\u0131da Sanayi ve Ticaret A.\u015e.&#8217;nin 01.07.2024-30.06.2025 \u00f6zel hesap d\u00f6nemi Ola\u011fan Genel Kurul Toplant\u0131s\u0131, Ticaret Bakanl\u0131\u011f\u0131 temsilcisi g\u00f6zetiminde, fiziki ve elektronik kat\u0131l\u0131m ile ger\u00e7ekle\u015ftirilmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td><b>\u00d6\u011fe<\/b><\/td>\n<td><b>A\u00e7\u0131klama<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u015eirket<\/b><\/td>\n<td>Merko G\u0131da Sanayi ve Ticaret Anonim \u015eirketi<\/td>\n<\/tr>\n<tr>\n<td><b>Toplant\u0131 Tarihi<\/b><\/td>\n<td>14 Kas\u0131m 2025, Cuma<\/td>\n<\/tr>\n<tr>\n<td><b>Saat<\/b><\/td>\n<td>Ba\u015flang\u0131\u00e7: 13:30, Kapan\u0131\u015f: 14:10<\/td>\n<\/tr>\n<tr>\n<td><b>Yer<\/b><\/td>\n<td>Levent Mah., C\u00f6mert Sok., Yap\u0131 Kredi Plaza Sit., No: 1B\/23, Be\u015fikta\u015f\/\u0130STANBUL<\/td>\n<\/tr>\n<tr>\n<td><b>Bakanl\u0131k Temsilcisi<\/b><\/td>\n<td>Sabire DEM\u0130R ELB\u00dcKEN<\/td>\n<\/tr>\n<tr>\n<td><b>Ba\u011f\u0131ms\u0131z Denet\u00e7i Temsilcisi<\/b><\/td>\n<td>Eray B\u00dcKER (\u00c7\u00f6z\u00fcm \u00dcnl\u00fcer Ba\u011f\u0131ms\u0131z Denetim ve YMM A.\u015e.)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Toplant\u0131 Nisab\u0131:<\/b> \u015eirketin 115.123.372,35 TL&#8217;lik toplam sermayesine kar\u015f\u0131l\u0131k gelen 33.309.529,901 adet pay toplant\u0131da temsil edilmi\u015ftir. Bu kat\u0131l\u0131m, kanun ve esas s\u00f6zle\u015fmede \u00f6ng\u00f6r\u00fclen asgari toplant\u0131 nisab\u0131n\u0131n sa\u011fland\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Asaleten Temsil:<\/b> 48.906 adet pay<\/li>\n<li><b>Vekaleten Temsil:<\/b> 33.098.911,901 adet pay<\/li>\n<li><b>Elektronik Ortamda Temsil:<\/b> 161.712 adet pay<\/li>\n<\/ul>\n<h3>2. Ola\u011fan G\u00fcndem Maddeleri ve Al\u0131nan Kararlar<\/h3>\n<p>Toplant\u0131da g\u00f6r\u00fc\u015f\u00fclen t\u00fcm g\u00fcndem maddeleri oy birli\u011fi ile kabul edilmi\u015ftir.<\/p>\n<h4>Finansal Onaylar ve \u0130bra<\/h4>\n<ul>\n<li><b>Y\u00f6netim Kurulu Faaliyet Raporu:<\/b> 01.07.2024-30.06.2025 d\u00f6nemine ait rapor okunmu\u015f say\u0131larak oy birli\u011fi ile kabul edildi.<\/li>\n<li><b>Ba\u011f\u0131ms\u0131z Denetim Raporu:<\/b> Ayn\u0131 d\u00f6neme ait rapor \u00f6zeti okundu ve raporun tamam\u0131 oy birli\u011fi ile kabul edildi.<\/li>\n<li><b>Finansal Tablolar:<\/b> Finansal Durum, Kar\/Zarar, Kapsaml\u0131 Gelir ve Nakit Ak\u0131\u015f tablolar\u0131 okunmu\u015f say\u0131larak oy birli\u011fi ile kabul edildi.<\/li>\n<li><b>Y\u00f6netim Kurulu \u0130bras\u0131:<\/b> Y\u00f6netim Kurulu \u00fcyeleri, 01.07.2024-30.06.2025 d\u00f6nemi faaliyetlerinden dolay\u0131 ayr\u0131 ayr\u0131 ve oy birli\u011fi ile ibra edildiler.<\/li>\n<\/ul>\n<h4>K\u00e2r Da\u011f\u0131t\u0131m Karar\u0131<\/h4>\n<p>\u015eirketin finansal sonu\u00e7lar\u0131 incelenmi\u015f ve k\u00e2r da\u011f\u0131t\u0131m politikas\u0131 g\u00f6r\u00fc\u015f\u00fclm\u00fc\u015ft\u00fcr.<\/p>\n<ul>\n<li><b>TMS&#8217;ye G\u00f6re Sonu\u00e7:<\/b> 378.371,84 TL Net D\u00f6nem K\u00e2r\u0131<\/li>\n<li><b>VUK&#8217;a G\u00f6re Sonu\u00e7:<\/b> 68.139.501,92 TL Net D\u00f6nem Zarar\u0131<\/li>\n<li><b>Al\u0131nan Karar:<\/b> VUK h\u00fck\u00fcmlerine g\u00f6re olu\u015fan zarar nedeniyle 01.07.2024-30.06.2025 \u00f6zel hesap d\u00f6nemi i\u00e7in k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na oy birli\u011fi ile karar verildi.<\/li>\n<\/ul>\n<h4>Y\u00f6netim Kurulu Se\u00e7imi ve \u00dccretler<\/h4>\n<p>Yeni Y\u00f6netim Kurulu, 3 (\u00fc\u00e7) y\u0131l g\u00f6rev yapmak \u00fczere oy birli\u011fi ile se\u00e7ilmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td><b>G\u00f6rev<\/b><\/td>\n<td><b>\u0130sim \/ Temsilci<\/b><\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<td>Alistair Baran BLAKE<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<td>AG Giri\u015fim Holding A.\u015e. (Temsilci: \u0130smail AKSA\u00c7)<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>H\u00fcsn\u00fc Hakan G\u00dcNER<\/td>\n<\/tr>\n<tr>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>Merve U\u00c7AR<\/td>\n<\/tr>\n<tr>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>H\u00fcseyin G\u00fcnhan KAYIR<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>01.07.2025-30.06.2026 d\u00f6nemi i\u00e7in Y\u00f6netim Kurulu \u00fcyelerine \u00f6denecek \u00fccretler oy birli\u011fi ile a\u015fa\u011f\u0131daki gibi belirlenmi\u015ftir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td><b>Unvan<\/b><\/td>\n<td><b>Ayl\u0131k Net \u00dccret<\/b><\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<td>85.000 TL huzur hakk\u0131<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<td>60.000 TL huzur hakk\u0131 + 25.000 TL maa\u015f (Genel M\u00fcd\u00fcr Yard\u0131mc\u0131l\u0131\u011f\u0131 g\u00f6revi i\u00e7in)<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>30.000 TL huzur hakk\u0131 + 25.000 TL maa\u015f (Genel M\u00fcd\u00fcrl\u00fck g\u00f6revi i\u00e7in)<\/td>\n<\/tr>\n<tr>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyeleri<\/td>\n<td>30.000 TL huzur hakk\u0131<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>Ba\u011f\u0131ms\u0131z Denet\u00e7i ve Ba\u011f\u0131\u015f S\u0131n\u0131r\u0131<\/h4>\n<ul>\n<li><b>Ba\u011f\u0131ms\u0131z Denet\u00e7i:<\/b> 01.07.2025-30.06.2026 d\u00f6nemi i\u00e7in Denetimden Sorumlu Komite&#8217;nin \u00f6nerdi\u011fi <b>\u00c7\u00f6z\u00fcm \u00dcnl\u00fcer Ba\u011f\u0131ms\u0131z Denetim ve Yeminli Mali M\u00fc\u015favirlik A.\u015e.<\/b>&#8216;nin se\u00e7imi oy birli\u011fi ile kabul edildi.<\/li>\n<li><b>Ba\u011f\u0131\u015flar:<\/b> 2024-2025 d\u00f6neminde ba\u011f\u0131\u015f yap\u0131lmad\u0131\u011f\u0131 bilgisi payla\u015f\u0131ld\u0131. 2025-2026 d\u00f6nemi i\u00e7in ba\u011f\u0131\u015f \u00fcst s\u0131n\u0131r\u0131 <b>6.000.000 TL<\/b> olarak oy birli\u011fi ile belirlendi.<\/li>\n<\/ul>\n<h3>3. Stratejik G\u00fcndem: \u0130mtiyazl\u0131 Pay Olu\u015fturulmas\u0131 Teklifi<\/h3>\n<p>Toplant\u0131n\u0131n dilek ve temenniler b\u00f6l\u00fcm\u00fcnde, ana ortak AG Giri\u015fim Holding A.\u015e. ad\u0131na s\u00f6z alan Divan Ba\u015fkan\u0131 \u0130smail AKSA\u00c7, \u015firketin sermaye yap\u0131s\u0131n\u0131 yeniden d\u00fczenlemeye y\u00f6nelik kapsaml\u0131 bir teklif sunmu\u015ftur.<\/p>\n<h4>Teklifin Gerek\u00e7esi ve Amac\u0131<\/h4>\n<p>Teklifin temel amac\u0131, &#8220;\u015firket \u00fcretim faaliyetlerini ve finansal geli\u015fimini daha sa\u011fl\u0131kl\u0131 ve daha g\u00fcvenli olarak s\u00fcrd\u00fcrebilmek, uzun vadeli, b\u00fcy\u00fck \u00f6l\u00e7ekli ve kapsaml\u0131 yat\u0131r\u0131mlar\u0131n ve b\u00fcy\u00fcme hedeflerinin s\u00fcrd\u00fcr\u00fclebilirli\u011fini g\u00fcvence alt\u0131na almak, gerek yurt i\u00e7inde gerekse yurt d\u0131\u015f\u0131nda \u015firket rekabet g\u00fcc\u00fcn\u00fc korumak ve ilerletmek ve nihayette t\u00fcm payda\u015flar\u0131n hak ve menfaatlerini korumak&#8221; olarak a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/p>\n<h4>\u00d6nerilen Yeni Pay Yap\u0131s\u0131<\/h4>\n<p>\u015eirket paylar\u0131n\u0131n A, B ve C Grubu olarak yeniden yap\u0131land\u0131r\u0131lmas\u0131 \u00f6nerilmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td><b>Pay Grubu<\/b><\/td>\n<td><b>Tan\u0131mlanan \u0130mtiyaz<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>A Grubu<\/b><\/td>\n<td>Y\u00f6netim Kurulu \u00fcyelerinin yar\u0131s\u0131n\u0131n se\u00e7iminde aday g\u00f6sterme ve\/veya se\u00e7ilme imtiyaz\u0131 ile Y\u00f6netim Kurulu Ba\u015fkan\u0131 ve Ba\u015fkan Vekili se\u00e7iminde imtiyaz.<\/td>\n<\/tr>\n<tr>\n<td><b>B Grubu<\/b><\/td>\n<td>Ola\u011fan ve Ola\u011fan\u00fcst\u00fc Genel Kurul toplant\u0131lar\u0131nda pay ba\u015f\u0131na <b>5 (be\u015f) oy hakk\u0131<\/b> imtiyaz\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>C Grubu<\/b><\/td>\n<td>Borsada i\u015flem g\u00f6ren ve herhangi bir imtiyaz tan\u0131nmayan paylar.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>Ana Ortak Paylar\u0131n\u0131n D\u00f6n\u00fc\u015f\u00fcm\u00fc<\/h4>\n<p>Bu yap\u0131land\u0131rma kapsam\u0131nda ana ortak AG Giri\u015fim Holding A.\u015e.&#8217;ye ait mevcut paylar\u0131n bir k\u0131sm\u0131n\u0131n imtiyazl\u0131 paylara d\u00f6n\u00fc\u015ft\u00fcr\u00fclmesi planlanmaktad\u0131r:<\/p>\n<ul>\n<li><b>100.000 TL<\/b> nominal de\u011ferli pay <b>A Grubu<\/b> paya d\u00f6n\u00fc\u015ft\u00fcr\u00fclecektir.<\/li>\n<li><b>6.400.000 TL<\/b> nominal de\u011ferli pay <b>B Grubu<\/b> paya d\u00f6n\u00fc\u015ft\u00fcr\u00fclecektir.<\/li>\n<\/ul>\n<h4>Hukuki S\u00fcre\u00e7 ve &#8220;\u00d6nemli Nitelikte \u0130\u015flem&#8221; Stat\u00fcs\u00fc<\/h4>\n<ul>\n<li>Bu teklif, \u015eirket Esas S\u00f6zle\u015fmesi&#8217;nin 7, 11, 12, 16, 19 ve 22. maddelerinde de\u011fi\u015fiklik yap\u0131lmas\u0131n\u0131 gerektirmektedir.<\/li>\n<li>SPK&#8217;n\u0131n &#8220;II-23.3 say\u0131l\u0131 \u00d6nemli Nitelikteki \u0130\u015flemler ve Ayr\u0131lma Hakk\u0131 Tebli\u011fi&#8221; uyar\u0131nca, imtiyaz yarat\u0131lmas\u0131na y\u00f6nelik bu esas s\u00f6zle\u015fme de\u011fi\u015fikli\u011fi <b>&#8220;\u00f6nemli nitelikte i\u015flem&#8221;<\/b> olarak de\u011ferlendirilmektedir.<\/li>\n<li>De\u011fi\u015fikli\u011fin hayata ge\u00e7mesi i\u00e7in SPK ve Ticaret Bakanl\u0131\u011f\u0131&#8217;ndan gerekli izinlerin al\u0131nmas\u0131 ve yap\u0131lacak bir sonraki genel kurulda pay sahiplerinin onay\u0131na sunulmas\u0131 gerekmektedir.<\/li>\n<\/ul>\n<h3>4. Pay Sahipleri \u0130\u00e7in Sonu\u00e7lar: Ayr\u0131lma Hakk\u0131<\/h3>\n<p>Teklifin &#8220;\u00f6nemli nitelikte i\u015flem&#8221; say\u0131lmas\u0131, mevcut pay sahiplerine belirli haklar tan\u0131maktad\u0131r.<\/p>\n<h4>Ayr\u0131lma Hakk\u0131 Kullan\u0131m\u0131<\/h4>\n<ul>\n<li><b>Kimler Kullanabilir:<\/b> \u0130lgili genel kurul toplant\u0131s\u0131na kat\u0131l\u0131p teklife <b>olumsuz oy kullanan<\/b> ve muhalefet \u015ferhini toplant\u0131 tutana\u011f\u0131na i\u015fleten pay sahipleri.<\/li>\n<li><b>\u0130\u015flem:<\/b> Bu pay sahipleri, paylar\u0131n\u0131 ana ortak <b>AG Giri\u015fim Holding A.\u015e.<\/b>&#8216;ye satarak ortakl\u0131ktan ayr\u0131lma hakk\u0131na sahip olacaklard\u0131r.<\/li>\n<\/ul>\n<h4>Ayr\u0131lma Hakk\u0131 Kullan\u0131m Fiyat\u0131 ve Fonu<\/h4>\n<ul>\n<li><b>Kullan\u0131m Fiyat\u0131:<\/b> Her 1 TL nominal de\u011ferli pay i\u00e7in ayr\u0131lma hakk\u0131 kullan\u0131m fiyat\u0131 <b>14,50 TL<\/b> olarak belirlenmi\u015ftir. Bu fiyat, karar\u0131n kamuya a\u00e7\u0131kland\u0131\u011f\u0131 tarihten \u00f6nceki alt\u0131 ayl\u0131k d\u00f6nemde borsada olu\u015fan g\u00fcnl\u00fck d\u00fczeltilmi\u015f a\u011f\u0131rl\u0131kl\u0131 ortalama fiyatlar\u0131n aritmetik ortalamas\u0131d\u0131r.<\/li>\n<li><b>Ayr\u0131lan Kaynak:<\/b> Ana ortak AG Giri\u015fim Holding A.\u015e., ayr\u0131lma hakk\u0131n\u0131 kullanacak pay sahiplerinin paylar\u0131n\u0131 sat\u0131n almak i\u00e7in <b>azami 100.000.000 TL<\/b> tutar\u0131nda bir kaynak ay\u0131rmay\u0131 kabul etmi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"374\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Merko G\u0131da&#8217;n\u0131n Kaderini De\u011fi\u015ftiren Genel Kurul: Bilmeniz Gereken 5 Kritik Karar Kurumsal genel kurul toplant\u0131lar\u0131 genellikle yat\u0131r\u0131mc\u0131lar i\u00e7in kuru formaliteler gibi g\u00f6r\u00fcn\u00fcr. Raporlar okunur, oylamalar yap\u0131l\u0131r ve \u00e7o\u011fu zaman s\u00fcrpriz olmadan sona erer. Ancak MERKO G\u0131da&#8217;n\u0131n 14 Kas\u0131m 2025 tarihinde&#8230; <\/p>\n","protected":false},"author":1,"featured_media":375,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[74],"class_list":["post-374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-merko"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=374"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/374\/revisions"}],"predecessor-version":[{"id":376,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/374\/revisions\/376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/375"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}