Cukurova to reduce Turkcell stake

10 Nov 2006

Turkcell shareholder Cukurova Group is to sell off 5.88% of its stake in the cellco to raise funds to repay part of a debt owed to Russia’s Alfa group. Alfa paid USD1.59 billion for a 49% stake in Cukurova last year and at the same time provided a USD1.71 billion loan. Cukurova intends to offload the shares to foreign institutional investors. The group currently holds 27% of Turkcell, 13.3% of which is held directly, with the remainder owned via Turkcell Holding, which is a joint venture with TeliaSonera. Turkcell is the country’s largest cellular operator, with 30.8 million subscribers and a 61% market share at the end of September, according to figures from TeleGeography’s GlobalComms database.

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