Mehmet Emin Karamehmet
Turkey's largest mobile phone operator Turkcell's annual general meeting on May 25 approved the distribution of a three billion lira ($841 million) dividend, a company official has told Reuters.
The company stated on May 24 that shareholders of Turkcell Holding, which holds 51 percent of Turkcell, agreed to propose the three billion lira dividend.
Turkish holding company Çukurova did not declare an intent to buy a 13.22 percent stake in Turkcell from Russia's Alfa Telecom by a Nov. 18 court deadline, a source close to the matter told Reuters on Nov. 21.
"No declaration was made by the Friday (deadline). Now in line with the court decision, the option of buying has moved to Alfa," the source said.
Russian bank VTB said late on Nov. 7 it had reached an agreement with Alfa Group about a joint investment in Turkey's top mobile operator Turkcell.
The announcement comes ahead of a mid-November deadline for Russian billionaire Mikhail Fridman and Turkcell's founder Mehmet Emin Karamehmet to resolve a dispute over control of the Turkish company.
A possible ruling in favor of Turkey's Çukurova Holding by a U.K.-based arbitration court has played a significant role in a recent decision by the company's Russian partner in Turkcell, Alfa Telecom, about selling its Turkcell stakes, sources told daily Hürriyet.
Ziraat Bank is expected to play a key role in the transaction, added sources.
Turkcell is known as the crown jewel of the Turkish ICT industry. It is very profitable and it disseminates technology to every corner of the country far better than its rivals.
Financially speaking, Turkcell Group delivered a solid performance in 2013.