4/30/2008

FT: Turk Telekom's IPO launched

Financial Times: Turkey launched the sale of a stake in Turk Telekom in a move that is expected to raise about $2bn, which would make it the biggest ever Turkish initial public offering. The Turkish privatisation agency set the price range for the 15 per cent stake in the company at TL3.90 to TL4.70. Christopher Laing, co-head of central and eastern Europe, Middle East and Africa ECM at Deutsche Bank, one of the banks managing the deal, said: "The fact that Turkey is launching its biggest ever IPO is a sign that the markets are improving and that the political situation is not deterring investors." Turk Telekom is by some distance the dominant provider of fixed-line and broadband services in Turkey.

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