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Turkey : TURKCELL sets to sell shares in A-Tel

September 2, 2014

Turkcell declared that it is planning to sell all of the company's shares in A-Tel Pazarlama ve Servis Hizmetleri (A-Tel).

As per the transaction, A-Tel will hold 50 percent. The shares, with a nominal value of TRY 7 million, were disposed to Bereket Holding, the other shareholder of A-Tel, for TRY 31.025 million.

In addition, a settlement protocol has been signed with Bereket Holding for the company to pay A-Tel compensation of TRY 30.4 million. The lawsuit also filed by Savings Deposit Insurance Fund (TMSF) against the company with a claim of TRY 131.88 million and then assigned to Bereket Holding shall be withdrawn along with another related lawsuit.

In 2012, a provision in relation to A-Tel worth TRY 34.375 million (before tax) was booked by Turkcell. The sale is expected to result in a TRY 24 million positive impact on net profit for the third quarter this year.

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Source: TendersInfo (India)

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