PRESS: Azeri Minister Says Govt Plans to Sell Stake in Azercell

MOSCOW, May 24 (Prime-Tass) -- The Azeri government plans to sell its 35.7% stake in the country's largest mobile operator Azercell by year-end, the country's IT and Communications Minister Ali Abbasov said, Vedomosti business daily reported Wednesday.

Azercell, with 1.5 million users, controls about 82% of the local market, which has penetration of about 26%, the daily said.

The remaining stake in Azercell is indirectly owned by Fintur Holdings, a joint venture between Turkish mobile operator Turkcell and Swedish telecommunications company TeliaSonera.

MDM Bank estimates the whole of Azercell at U.S. $675 million, the daily said.

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Posted to the site on 24th May 2006