Mercan Kimya elects new independent board member

Falling to its 52-week low at 8.81 lira (TRY), Mercan Kimya Sanayi ve Ticaret A.S. (MERCN) took action to fulfill the minimum number of independent members on its board of directors. The company decided to elect Mehmet Sitki Demir as an independent board member, to be submitted for shareholder approval at the next general assembly meeting.

Who is Mehmet Sitki Demir and which committees will he serve on?

The assignment extends beyond the board of directors to committees. Demir was also appointed to the company's Audit Committee, Early Detection of Risk Committee, and Corporate Governance Committee. It was reported that the process will be carried out in accordance with the provisions of the Corporate Governance Communique.

Demir, who stepped into his career in 1991 in the auditing sector, served as a financial advisor at corporate companies in the food, precious metals, capital markets, and fuel sectors following 5 years of financial and tax audit work. Having served as a senior executive and board member for 15 years in the industry, Demir graduated from Anadolu University Faculty of Economics and holds a master's degree in accounting and auditing. Demir continues his professional work under the titles of sworn-in certified public accountant and independent auditor.

What is the latest status and price action in Mercan Kimya shares?

On the stock exchange front, weak performance draws attention. Shares in the Basic Materials sector retreated 2.00% during the session to 8.81 lira, dropping to the lowest point of their 52-week price band. With daily trading volume reaching 4,408,992 units, the company has witnessed an intense flow of disclosures over the past 30 days. On October 22, Mercan Kimya decided to increase its issued capital from 190.37 million lira to 571.11 million lira via a 200% bonus share issue, and on October 16, it had launched a share buyback program for a maximum of 100 million nominal shares.

This content is for information purposes only and does not constitute investment advice.