Turkcell’s Board of Directors announced yesterday a resolution to implement financial restructuring at its Ukrainian subsidiary Astelit. The Turkish cellco agreed to participate in ‘additional shareholder support’ for Astelit totalling USD250 million, USD150 million of which shall be provided in the form of cash equity and the remaining USD100 million to be made available as required as a contingent cash equity. Turkcell agreed to pay a USD137 million share of the funding, proportional to its 54.8% ownership in Astelit. According to TeleGeography’s GlobalComms database, Ukraine’s System Capital Management holds the other 45.2% of shares.
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