Minister hints at Turk Telekom sale in 2010

7 Jan 2010

Turkish Communications Minister Binali Yildirim has announced that the government could hold a second public offering this year to sell part of its remaining 31.7% stake in incumbent fixed line operator Turk Telekom (TT), Reuters reports. In May 2008 the state offloaded a 15% stake in TT via an initial public offering (IPO), raising around TRY2.42 billion (USD1.9 billion) for state coffers. The country’s privatisation administration, which has a revenue target of TRY10.4 billion for 2010 and is overseeing sales of electricity and gas grids, roads and sugar factories, denied last month that it had started preparations for a TT stake sale. However, Binali Yildirim has contradicted the organisation, saying: ‘I believe it will be a public offering again, the privatisation administration is working on it. The timing will be determined by the situation on the stock exchange and global financial markets. It could be in 2010. We see 2010 as a year where the effects of the global crisis will be less. 2010 may be a good year in that sense. The size of the public offering will be determined after further assessments.’

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