Turkcell Iletisim Hizmetleri AS (TCELL), Turkey’s largest mobile-phone company, fell for a fifth day after saying a majority-owned unit failed to pay a $150 million loan, leaving Turkcell liable as the sole guarantor.
The shares fell 0.9 percent to 8.96 liras at 10:30 a.m. in Istanbul.
Euroasia Telecommunications Holdings BV, in which Turkcell owns a 55 percent stake, was unable to pay the loan when it came due on March 30. Turkcell will have to pay by April 6, it said in a statement to the Istanbul Stock Exchange after the market close yesterday.
To contact the reporter on this story: Benjamin Harvey in Istanbul at email@example.com
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org