Turkey's privatisation board: Turk Telekom offering not started

The government plans to sell half of the 30 percent stake it still has in Turk Telekom.

Turkey's privatisation board: Turk Telekom offering not started
Turkey's privatisation board said it has not begun the process for a public offering in fixed-line operator Turk Telekom in response to a newspaper report that a sale was planned.

The government plans to sell half of the 30 percent stake it still has in Turk Telekom, with the timing of the sale dependant on market conditions, Haber Turk said, citing Communications Minister Binali Yildirim and other officials.

By 0850 on Tuesday, Turk Telekom shares were down 1.3 percent at 4.52 lira, underperforming the Istanbul Stock Exchange, which was flat.

The bourse briefly suspended trading in the shares pending a the statement from the Privatisation Administration.

"A process for the privatisation of the shares in Turk Telekom owned by the Treasury has not yet been started," the agency said in a filing with the exchange.

Turk Telekom, which also operates mobile telephone company Avea, is controlled by Dubai-based Oger Telecom. It was first listed on the Istanbul Stock Exchange in May 2008.

The government has said it plans to privatise another tranche although it has not specified a time, while Turk Telekom has said Oger Telecom was interested in increasing its stake in Turk Telekom.

Turk Telekom's IPO, last year's only major offering, was Turkey's biggest in dollar terms, worth some $2 billion.


Reuters
Last Mod: 22 Aralık 2009, 15:51
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