Rönesans Holding | Erman Ilıcak-RGY Halka Arz

One of Rönesans' first companies was Rönesans Gayrimenkul Yatırım. We started 22-23 years ago with the Optimum Shopping Mall in Ankara. We built a series of shopping centers. A Singaporean partner initially bought shares in three malls, then later acquired 21% of our shares for about $500 million in 2013. These are our crown jewels, which I have cherished and worked hard on from day one.

The IPO decision was a natural result of our corporate transformation. With the Singaporean partners, the company became professional. We issued bonds and a Eurobond. The company became highly institutional. We wanted to go public and share our strong structure with thousands of proud shareholders. Our capital is strong, malls are 98% occupied, revenue doubled after COVID. We have excellent tenants and high-quality portfolio. It was a natural progression.

We have three plots. One residential next to Maltepe Park, we will start sales next September. Another in Ümraniye with Doğan Holding. Another in Antalya. We will develop and reinvest. The company is constantly active and growing.

There are minor negative effects but I think we have left the worst behind. We went through tough days: 2013, 2016, July 15, COVID. Turkey's internal dynamics are strong; it will continue to grow.

Right now, our biggest goal is to grow our petrochemical investments in Turkey. Turkey is one of the most attractive regions. We invest everything we earn abroad back into Turkey.

Petrochemicals is a separate part of Rönesans. Turkey accounts for 1% of the world economy but only 0.3% in petrochemicals. We have a large market but no raw materials. We will add value in Turkey.