Turk Telekom (TT) will borrow a maximum of USD500 million via an issue of bonds or Islamic sukuk, reports Ahval News. The fixed line and mobile operating group (including cellular division TT Mobil [formerly Avea]) plans to access the funds via international markets over the coming year, it said in a statement to the Istanbul Stock Exchange. TeleGeography notes that TT’s ownership changed on 22 December 2018 when a 55% stake was transferred to a Special Purpose Vehicle (SPV) formed by a group of 29 banks led by Akbank, Garanti Bank and Isbank under a debt restructuring deal which had been approved by the government in August. Previous majority owner Ojer Telekomunikasyon AS (OTAS), the Turkish holding company of Dubai-based consortium Oger Telecom (part-owned by Saudi Telecom Company [STC]), had defaulted on loans, prompting the state to approve a creditor bank takeover. The Turkish Treasury retains a 25% TT stake plus special veto power via one ‘golden share’, whilst the banking group aims to offload the 55% stake to a strategic investor.