Capital Surge in Borsa Istanbul: 5 Companies Announce Rights Issues Amid Market Downturn

During the week of July 13-17, 2026, when BIST 100 index declined by 2.38%, five major companies announced capital increases through board resolutions published on the Public Disclosure Platform (KAP), signaling a strategic push to bolster liquidity amid rising market volatility. While these rights issues aim to recapitalize local investors, intensified competition among non-cash offerings is expected to further compress returns.

Çemaş Döküm: Fully Funded 791 Million TL Capital Boost

■Çemaş Döküm (CEMAS) increased its paid-in capital by 100% on July 13, raising it from 791 million TL to 1.582 billion TL.

■The increased shares will be distributed free of charge to existing shareholders, fully funded through "Positive Differences from Capital Adjustments."

Akfen Renewable Energy: 5.98 Billion TL Capital Expansion

■Akfen Yenilenebilir Enerji (AKFYE) expanded its paid-in capital from 1.197 million TL to 5.985 billion TL on July 13.

■The 500% increase will be entirely covered by emission premiums, pending regulatory approval, reinforcing sector growth trends.

Oncosem: 1,200% Surge with Internal Resources

■Oncosem Onkolojik Sistemler (ONCSM) raised its paid-in capital from 23.85 million TL to 310.05 million TL on July 16.

■The 286.2 million TL increase will be sourced from Other Reserves, Capital Adjustment Differences, and Emission Premiums.

Armada Food: 1,510% Capital Hike with Stock Premiums

■Armada Gıda Ticaret (ARMGD) increased its paid-in capital from 263.98 million TL to 4.250 billion TL on July 17.

■Funding sources include capital adjustment positive differences, stock issuance premiums, and inflation-adjusted retained earnings.

Pergamon Status: Proportional Free Distribution in 100% Increase

■Pergamon Status Dış Ticaret (PSDTC) raised its paid-in capital by 100% on July 17, from 7.425 million TL to 14.85 million TL.

■Free shares will be distributed proportionally to existing shareholders based on their capital shares.

Caner Yılmaz Analysis: The dominance of non-cash capital increases amid BIST 100's downturn reflects persistent liquidity demand, but raises sustainability concerns. Companies like Akfen Enerji and Armada Gıda, with 500-1,510% increases, may offer short-term support to market valuations. However, the lack of stock premiums limits dividend reflection. Historically, Fibonacci levels and Ichimoku clouds show 3-5% buying stability post-rights issues, warranting close technical monitoring.