Turkish Banks Are Weighing Options for Their Telecom Shares
(Bloomberg) -- Turkish lenders said they are constantly looking at options for their 55% stake in Turk Telekomunikasyon AS as the nation’s wealth fund considers acquiring their shares.
The wealth fund is seeking a deal that would make it the largest shareholder in two of Turkey’s top telecom operators, Bloomberg reported on Thursday.
About 20 lenders took over Turk Telekom in 2018 after its former owner failed to repay a loan, with ownership transferred to a special purpose vehicle, LYY Telekomunikasyon AS. Akbank TAS is biggest shareholder in LYY with 35.6%, followed by Turkiye Garanti Bankasi AS and Turkiye Is Bankasi AS.
The wealth fund already owns 6.7% of Turk Telekom, while the Treasury and Finance Ministry owns 25% and the remainder is publicly traded. The government also retains a so-called golden share that entitles it to make certain management decisions.
“Our bank is in continuous consideration regarding its options on the mentioned shares,” Akbank, Garanti Bank and Isbank said separately in identical statements late Thursday. The banks said there had been no transaction with the wealth fund yet.
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