15.02.2023 - Merger of Our Subsidiaries TSI, TCI and Cornea

On our 04.11.2022 dated announcement, regarding the merger of our subsidiaries established for the design, production, marketing, and sales of cabin interior products, Uçak Koltuk Üretim Sanayi ve Ticaret A.Ş. ("TSI") and Cornea Havacılık Sistemleri Sanayi ve Ticaret A.Ş. ("Cornea") were dissolved without liquidation in accordance with the 136th and other relevant provisions of the Turkish Commercial Code, and TCI Kabin İçi Sistemleri Sanayi ve Ticaret A.Ş. ("TCI") to take over TSI and Cornea with all its assets and liabilities is completed. 

Upon completion of the merger, TCI's paid-in capital increased from TL 94,000,000 to TL 172,268,000 through the takeover of TSI and Cornea. The shareholding structure following the merger is as follows; 

Shareholding Structure

Share (%) 

Türk Hava Yolları A.O. 59.25% 
Türk Hava Yolları Teknik A.Ş. 20.84% 
TUSAŞ -Türk Havacılık ve Uzay Sanayii A.Ş. 17.00%
HAVELSAN Hava Elektronik Sanayi ve Ticaret A.Ş. 2.91%
TOTAL 100%

According to this post-merger shareholding structure, TCI, which was previously consolidated using the Equity method, will be fully consolidated in our financial statements in the following periods.

The merger has been registered with the Istanbul Trade Registry Office on 15.02.2023.