Home / Dubai-based firm to up stake in Turkish fixed line telco

Dubai-based firm to up stake in Turkish fixed line telco

Oger Telecom plans to increase its 55% stake in Turkey’s fixed line incumbent Turk Telekom by at least 10%, according to UK paper

Dubai-based firm to up stake in Turkish fixed line telco
Oger Telecom paid US$6.6bn for its stake in Turkey's fixed line incumbent.

Dubai-based emerging markets telecom group Oger Telecom plans to increase its stake in Turkey's fixed line incumbent Turk Telekom, according to a report by the Financial Times.

Back in 2005, Oger Telecom paid US$6.6bn for its majority stake in the telco, which currently stands at 55%. If the state decides to go ahead with plans to further privatise the telco then Oger intends to increase its stake by at least 10%.

The UK newspaper said that Binali Yildirim, Turkey's transport and communications minister, told journalists of Oger's offer at an industry event in comments confirmed on Monday by the ministry.

Yildirim added the state would remain a shareholder but wanted to sell a further 15-20% stake, and that Oger had offered to pay a 20% premium above the price to be determined for a secondary public offering, without clarifying how this was calculated.

As well as its share of Turk Telekom, Oger Telecom has a 75% stake in 3C Telecommunications, the firm that controls South African operator Cell C. It also owns regional ISP Cyberia which operates in Saudi Arabia, Lebanon and Jordan.

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