Istanbul is considering divesting half of the government’s 30% stake in Turk Telekom by the end of the year, Reuters reports, citing the Zaman newspaper. A news report quotes Transport and Communications Minister Binali Yildirim as saying that the offer would likely represent less than 15% of the company’s equity. He admitted: ‘A public offering by the end of this year is being considered. It could be in the month ahead. What is important is to do this when the value of the shares is high. The Privatisation Administration is doing work on the level [of the offering]. If they ask us, we will give a level. But it may be less than 15%’.
According to TeleGeography’s GlobalComms Database, the Turkish Treasury currently holds a 30% stake in the telco, while Saudi Arabia’s Oger Telecom is the majority owner, with a 55% stake. In 2008 Turk Telekom concluded a successful initial public offering (IPO) for 15% of the government’s shares. At that time the IPO was said to be the seventh largest public offering in the world and the biggest ever in Turkey. As a result of this offering, the Turkish Treasury secured a total of USD1.9 billion in revenue.