5/9/2008

Over sixfold demand for Turk Telekom’s 15 percent stake

Today’s Zaman - Transportation Minister Binali Yildirim has announced that the Treasury-owned portion of Turk Telekom that was put up in an initial public offering (IPO) has drawn 6.4 times more demand than the shares available. Minister Yildirim, during an opening speech at the conference section of the Supercom Telecommunications Trade Fair, recalled that the government had decided to put 15 percent of the 45 percent portion of Turk Telekom shares which belong to the state up for an initial public offering, thus taking these shares out of the hands of the state. This 15 percent share is estimated to be worth around YTL 525 million.