Turkey expects USD2bn from Telekom IPO

Local reports quoting sources close to the Turkish government indicate that the state is hoping to earn USD2 billion through the sale of a 15% stake in national PTO Turk Telekom. Metin Kilci, head of the privatisation administration, said that Turk Telekom shares will be sold in an initial public offering (IPO) by 10 May. Telekom’s value has risen since the government sold 55% of the company to Saudi Oger for USD6.6 billion in November 2005, he added.