Turkey's Capital Markets Board (SPK)President Turan Erol said Turkey's capital markets have channeled 24 billion U.S. dollars in financial resources to nonfinancial sectors since 2004, local Today's Zaman reported on Tuesday.
These transfers of funds took the form of initial and secondary public offerings, capital increases through cash and dividends additions, private bonds and commercial papers, according to the report.
Erol was quoted as saying that the biggest year for transfers to nonfinancial sectors was 2007, when 8.76 billion dollars was sent to companies' coffers from capital markets.
"Considering that 2008 has not ended yet and assuming that the current pace will continue until the end of the year, the resources transferred to the nonfinancial sectors from capital markets is likely to surpass 2007," he added.
He said this indicates that Turkey's capital markets are maintaining their vitality despite a shaky political atmosphere and global economic turbulence.
As for instruments through which these resource transfers are carried out, the most frequently used instrument is the initial public offering (IPO), he added.
According to the information of Erol, in the period between the beginning of 2004 and August 2008, 85 percent of the total resource transfers were done through three main instruments: 11 billion New Turkish Lira was poured into companies' coffers by IPOs. Capital increases through cash came second with 10 billion New Turkish Lira. Secondary public offerings brought roughly 6.6 billion New Turkish Lira to companies.
Source:Xinhua
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