Free Capital Increases: BIST Companies’ Growth Playbook

Two BIST-listed companies filed free capital increase applications with the Capital Markets Board (SPK) on August 3, 2026, aiming to reinforce their equity bases and reshape growth and liquidity profiles.

Halk Real Estate Investment Trust’s Strategic Move

Halk Real Estate Investment Trust Inc. (BIST: HLGYO) seeks SPK approval to raise its issued capital from TL 3.84 billion to TL 6 billion while staying within a TL 15 billion registered capital ceiling. The full TL 2.16 billion increase will be funded from the 2025 fiscal year profit, representing an approximate 56.25% free capital increase.

■Company: Halk Real Estate Investment Trust Inc. (BIST: HLGYO)

■Registered capital ceiling: TL 15 billion

■Target capital: TL 3.84 billion → TL 6 billion

■Funding source: TL 2.16 billion from 2025 profit

Durukan Confectionery’s Equity Expansion Plan

Durukan Confectionery Industry and Trade Inc. (BIST: DURKN) announced a TL 882.5 million free capital increase financed entirely from internal resources. The company affirmed that the funds exist within its current asset base and that the increase complies with Turkish Commercial Code Article 457. The amendment to its articles of association, initially disclosed on July 6, 2026, has been updated for the SPK filing.

■Company: Durukan Confectionery Industry and Trade Inc. (BIST: DURKN)

■Total increase: TL 882.5 million

■Financing: Internal resources, citing Turkish Commercial Code Article 457

■Amended charter: Article 8 revised on July 6, 2026 for SPK submission

Potential Market and Investor Reactions

■Liquidity and equity strength: Free increases boost balance‑sheet quality without diluting existing shareholders.

■Dividend potential: Higher equity may support future dividend payouts, exerting upward pressure on earnings per share (EPS).

■Share price volatility: Short‑term speculative moves may follow SPK approval, while long‑term price stability could benefit from an improved capital structure.

■Investor confidence: Transparent, regulation‑compliant processes send a positive signal to institutional investors.

Regulatory and SPK Process

■Filing date: August 3, 2026

■Review phase: SPK examines amendments to articles of association and verifies financing sources.

■Decision timeline: Typically 15‑30 days after submission for final approval.

■Legal basis: Turkish Commercial Code Article 457 and amendment of Article 8 in the charter.

Kerem Tufan, Director of Commercial Loans and Central Bank Policies: Free capital increases can act as a buffer for the banking sector, especially by enhancing equity buffers that may alleviate the tightening of SME credit lines. For firms like HLGYO and DURKN, stronger balance sheets could lower risk weights, potentially expanding banks’ lending capacity. However, the sustainability of such moves hinges on underlying profitability and cash‑flow health; otherwise, the added equity may merely improve the façade of financial flexibility without delivering real resilience.