Turkey's Cukurova to Get $592 Mln from Sale of Turkcell Stake

MOSCOW, Nov 17 (Prime-Tass) -- Turkey's Cukurova Group is selling a 5.88% stake in Turkey's largest mobile operator Turkcell for about US$4.6 a share, or approximately US$592 million for the entire stake, Turkey's IHA news agency reported Friday citing TV channel CNBC Turkey.

It was unclear who the buyer of the stake was.

Cukurova announced a public offer for the stake on November 9 in order to get funds to pay off part of its debt to Russia's Alfa Group

At the moment Cukurova Group controls 27% in Turkcell, including a 13.3% stake directly.

In November 2005, Alfa Group bought a 49% stake in Cukurova Group, receiving indirect control of a 13.2% stake in Turkcell. Alfa Group paid $1.593 billion for the stake and provided a $1.707 billion loan to Cukurova Group. The loan maturity and other financial conditions were not disclosed.

Swedish-Finnish mobile operator TeliaSonera's subsidiary Sonera Holding holds 37.1% in Turkcell, Cukurova Group holds 27.2%, 17.6% is publicly traded, MV Group companies hold 5% and YKB holds 13.11%.

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Posted to the site on 17th November 2006