Cukurova offloads part of Turkcell stake

13 Jul 2007

Turkey’s Cukurova Group has sold 3.5% of its stake in the country’s largest mobile operator, Turkcell, via an accelerated book building to foreign investors. Shares were placed at TRY8.60 (USD6.77) each, raising a total of TRY653.6 million, Reuters reports.

Prior to the sale, Turkcell was owned by Turkcell Holding (51%), Cukurova Group (7.46%), Sonera Holding (13.07%), MV Group (4.07%) and others (0.01%), with the remaining 24.39% publicly traded on the New York and Istanbul Stock Exchanges. Turkcell Holding is itself owned by TeliaSonera (47.09%) and Cukurova Holding (52.91%). Cukurova Holding is owned by Cukurova Group (51%) and Alfa Group (49%).

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