BIST’s Quadruple Closed Capital Raises: Strategic Moves by EFOR, PSGYO, NETAS and CASA

Four listed companies across distinct sectors announced sizable paid‑in capital increase plans on the Borsa Istanbul via the Public Disclosure Platform on August 24‑25, 2026.

EFOR: TL 3 Billion Closed Allocation

■Company: EFOR (Efor Yatırım Sanayi Ticaret A.Ş.)

■Raise Target: TL 3,000,000,000 of sale proceeds

■Capital Cap: TL 10,000,000,000 ceiling; current paid‑in capital TL 2,178,000,000

■Allocated Buyer: İbrahim AKKUŞ – all new shares earmarked for him

■Use of Funds: Repayment of financial debt and working‑capital needs

PSGYO: TL 7.5 Billion Private Allocation

■Company: PSGYO (Pasifik Gayrimenkul Yatırım Ortaklığı A.Ş.)

■Raise Target: TL 7,500,000,000 cash proceeds

■Capital Cap: TL 24,000,000,000 ceiling; current paid‑in capital TL 6,900,847,276

■Allocated Buyers: Fatih ERDOĞAN, Abdulkerim FIRAT, Mehmet ERDOĞAN – equal shares

■Mechanism: Full pre‑emptive rights restriction; allocation via private placement

NETAS: Unrestricted Pre‑emptive Rights, 300% Increase

■Company: NETAS (Netaş Telekomünikasyon A.Ş.)

■Raise Amount: TL 194,594,400 (bringing paid‑in capital to TL 259,459,200)

■Increase Rate: 300%

■Financing: Entirely cash‑based; pre‑emptive rights remain unrestricted

■Regulatory Step: SPK approval and Ministry of Trade clearance before amendment of articles of association

CASA: TL 5.1 Million New Capital, Full Restriction

■Company: CASA (Casa Emtia Petrol Kimyevi ve Türevleri Sanayi Ticaret A.Ş.)

■Raise Amount: TL 5,100,000 (from TL 4,900,000 to TL 10,000,000 capital)

■Allocation Method: Existing shareholders’ pre‑emptive rights fully restricted

■Legal Process: Applications to SPK and the Ministry of Trade; amendment of Article 6 “Capital” in the charter

Analyst’s Note (Aylin Güneş): These four actions, especially the closed‑allocation raises by EFOR and PSGYO, signal a strategy to consolidate ownership and boost liquidity. NETAS’ decision to keep pre‑emptive rights open preserves its shareholder base but the 300% surge could pressure earnings per share in the short term. CASA’s modest yet fully restricted raise appears aimed at quickly bolstering equity for potential debt refinancing. Portfolio managers should monitor post‑raise equity ratios and cash‑flow projections, and remain cautious if private‑placement pricing diverges from market levels, as this could affect long‑term value‑investment theses.