Government presses ahead with Telsim sale

25 Aug 2005

According to a report on Reuters the Turkish government has published a sale tender for wireless operator Telsim. The advertisement has set the 19 September as the final date for pre-qualification bids, with the bidding set to close on the 5 December. The winner will be revealed on 13 December. The sale is being handled by the state banking body, the Turkish Savings and Deposits Insurance Fund (TMSF), the department which acquired control of the company from the Uzan family, after the collapse of the family’s Imar Bank in 2002. The head of TMSF claims he is close to solving the legal issues currently enveloping Telsim; the company is being chased by Motorola and Nokia for billions of dollars which they it for network rollout but which was misappropriated by the Uzans. According to the report both creditors would be, at least partially, repaid from the proceeds of the sale.

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