Netas Rises to Record in Istanbul After Bonus Share Plan

Netas Telekomunikasyon AS (NETAS), a Turkish telecommunications equipment manufacturer, jumped to the highest level on record after saying it will seek regulatory approval to increase capital.

Netas surged 18 percent to 172.50 liras at the close, the strongest since the shares were listed on the Istanbul Stock Exchange in 1995.

The company plans to raise 58.4 million liras ($32 million) by offering nine bonus shares for each held, it said in a statement to the exchange after the market closed yesterday.

Rhea Girism AS, which holds a minority stake in the company that controls Netas, OEP Rhea Turkey Tech BV, jumped 19 percent to 2.39 liras.

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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