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25 February 2024

Turkey government to offer 15% of Turk Telekom in '08

By Agencies


A 15 per cent stake in Turk Telekom owned by the Turkish Treasury will be offered to the public in 2008, Turkey's official gazette said on Wednesday.

Earlier Turkey's Privatisation Administration (OIB) told Reuters it planned to hold a public offering of 15 to 20 per cent of landline operator Turk Telekom in the first half of 2008.

Turk Telekom was 55 per cent privatised in a 2005 deal with Saudi Oger Holding worth $6.55bn, with the government holding the remaining 45 per cent.

Turkey has a broad privatization programme backed by its major lender, the International Monetary Fund, and big-ticket sales in recent years have contributed to record foreign direct investment.

A Turk Telekom strike was recently ended after the company and a union representing its employees reached a deal over wages. The strike began in mid-October. (Reuters)