Turkish Airlines (THY) has announced the establishment of its new subsidiary, “THY Real Estate Investment Services Inc.” The company, aimed at more effectively managing investment projects, is wholly owned by Turkish Airlines. The incorporation process was completed on July 24, 2024, and registered by the Istanbul Trade Registry Office.
The board of directors of Turkish Airlines approved the establishment of this new company on July 5, 2024, with the majority of independent members’ approval. The capital of the new company has been set at 2,500,000,000 TL, which corresponds to 0.2% of the total assets and 0.5% of the annual revenue of Turkish Airlines as per their latest publicly disclosed financial statements.
The purpose of the new company is to manage various investment projects of Turkish Airlines through a single subsidiary, thereby achieving more efficient investment management. With the formation of this company, Turkish Airlines aims to make faster and more efficient decisions in managing its investment projects.
Turkish Airlines evaluated the establishment of the new company at nominal value and did not prepare a valuation report. The creation of this company is expected to contribute to a more organized management of investment projects and play a significant role in Turkish Airlines’ investment strategies.
In a statement from Turkish Airlines, it was said, “As informed in our announcement dated 05.07.2024, the company named ‘THY Real Estate Investment Services Inc.’ has been established with the purpose of managing various investment projects through a subsidiary wholly owned by Turkish Airlines, and its incorporation was completed and registered by the Istanbul Trade Registry Office on 24.07.2024.”
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