11.06.2008

On the Board of Directors’ meeting dated 10th June 2008 it was unanimously decided that; the land of total 77.327 square meters in Kartal, İstanbul, which is owned by Tecim Yapı Elemanları İnşaat Servis ve Yönetim Hizmetleri San. ve Tic. Limited Şirketi will be purchased depending on the zoning status to be finalized for the purpose of preparing a project on proceeds sharing basis.
A proceeds – sharing contract will be signed with the land’s owner in a manner that the Project costs to be paid by our company and the land fee, will be paid within the proceeds sharing fee, over the proceeds sharing amounts to be confirmed according to the zoning status to be finalized.
A right of repurchase shall be registered on the title deed registry in favor of the seller for the purpose of ensuring that aforementioned immovable property is redelivered to the seller in case the anticipated project can not be realized within five years starting from the date of title deed transfer. All kinds of duties, taxes, expenses and costs regarding purchasing – selling and repurchasing shall be covered by both parties equally.