Union of Chambers and Commodity Exchanges of Turkey

The “Public Offering Rally” was held at the Ankara Chamber of Industry (ASO). Giving a speech at the start of the meeting, TOBB President M. Rifat Hisarcıklıoğlu said that they’ve achieved great successes in the last 30 years as the Turkish private sector.

Stating that 92% of Turkey’s exports are industrial goods, Hisarcıklıoğlu said that the private sector has achieved this despite the crisis in the EU and the upheavals in Turkey’s southern neighbors.

Saying that, as the Turkish private sector, they want motivation rather than money from the government, Hisarcıklıoğlu said, “Last year Turkey grew by 8.5% while providing employment to 1.3 million people. We want to be one of the 10 largest economies in the world in 2023. The Turkish private sector will make this happen.”

Reminding that the Public Offering Rally started in İstanbul in 2010, Hisarcıklıoğlu reported that after the introductory meetings about 25 companies have initiated public offerings.

Hisarcıklıoğlu said that success hinges on 3 basic conditions all over the world, “You must be the one that produces, sells or buys the most. This is the formula to success.”

Stating that capital is also necessary for success, Hisarcıklıoğlu said that public offerings are a way to create capital with zero cost.

Emphasizing the importance of public offerings for the growth of the company, Hisarcıklıoğlu said, “If there are two partners, then I am the third. This encourages a culture of partnership. It encourages taking on a third partner. It encourages that you acknowledge you are not the sole proprietor even if your partner has the thousandth of a share.”

- There is a treasure in mattress savings

Sharing his views on gold “mattress savings” common in Turkey, Hisarcıklıoğlu said that mattress savings are idle treasures.

In Turkey, despite being one of the countries in the world with the most gold, most gold is kept in mattress savings stated Hisarcıklıoğlu and went on, “If you are looking to invest in the afterlife the best thing to do is to be beneficent to other people.”

Stating that İbrahim Turhan, recently appointed to the presidency of the İstanbul Stock Exchange (İMKB), will be successful in regards to public offerings, Hisarcıklıoğlu said, “Public offerings will bring about institutionalization. Today, everyone thinks about the continuation of their own name when establishing companies. If you want your business to survive you and keep operating then you must institutionalize.”

Emphasizing the importance of public offerings in preventing off the record economy, Hisarcıklıoğlu stated that no one operating off the books can grow.

Drawing attention to the fact that being registered is always a source of confidence for companies, Hisarcıklıoğlu said, “Make as many changes to the constitution as you want, we can never be a democratic country as long as off the record economy exists.”

Stating that the number of publicly open companies in Ankara is only 5, Hisarcıklıoğlu said that this is “a great shame”.

Urging that TOBB’s views are taken into account when making decision in regards to the capital market and voicing his criticism to the SPK, Hisarcıklıoğlu said, “There are so many arbitrary applications that you couldn’t take on Bill Gates as an independent board member. The man dropped out of Harvard University on his third year. You should enquire the opinions of the shareholders when making decision. I’m not saying this for the SPK, it is for the new Turkish Trade Law.”

- Turkey technically deserves its AAA note

Capital Market Council (SPK) President Vedat Akgiray stated that the share bond market in Turkey has the potential to support 3 times its current capacity.

Stating that people being uncertain when it comes to the İstanbul Stock Exchange is unnecessary, Akgiray said, “İMKB is a good stock exchange. The value exchange in İMKB parallels that of Turkey.”

Addressing Hisarcıklıoğlu’s criticism in regards to an independent member, Akgiray said, “TOBB views on this matter are important. Bill Gates, in our view, would be a member. If he can’t, according to the TTK, then that’s hilarious.”

- The “keep it small, keep it yours” philosophy prevents learning share

Ankara Chamber of Industry (ASO) President Nurettin Özdebir stated that Turkey should benefit from whatever opportunities enjoyed by developed countries, “Chief among these is the capital market. Perhaps we do not consider as a result of being conservative, acting with the ‘keep it small, keep it yours’ philosophy.

Özdebir, stating that establishments encounter various problems, said that one of these is in attaining finances.

- KOSGEB President Kaplan

KOSGEB President Mustafa Kaplan stated that the matter of public offerings is not a new issue in Turkey, unlike small and medium sized businesses (SMBs).

Kaplan stated that the Developing Businesses Market SMB Support program is under development by KOSGEB for supporting public offerings.

Stating that the public offering of SMBs runs between 100,000 and 150,000 TL, Kaplan said, “We have made it so that these costs are covered by KOSGEB by anywhere between 75% and 100%.”

- İMKB President İbrahim Turhan

İMKD President İbrahim Turhan said that, “Everything is ready in preparation for public offerings.”

At the “Public Offerings for Growth and Sustainability Panel” during the Public Offering Rally at the Ankara Chamber of Industry (ASO), İMKB President Turhan stated that İMKB is the stock market for all of Turkey and that via the partnership that span from Japan to Macedonia, from the USA to Egypt, it is the stock market for the whole globe.

- Köksal: We are all in accord with the interest and foreign exchange lobby

Turkey Capital Market Intermediary Establishments Union (TSPAKB) President Atilla Köksal stated inflation and high interest rates have been viewed as the norm for trade in Turkey for the last 20 years and said that the positive developments in recent years and the importance the government puts on capital markets are showing their effects.

- Erdoğan: 86 million TL in investments

Latek Logistics Inc Board Chairman Levent Erdoğan reported that they are usually reticent in their investments but that they’ve felt the need for growth after the 2009 crisis and that they have thought to turn this crisis into an opportunity.
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