Bloomberg News

Turkcell Falls on Liability for Unit’s $150 Million Unpaid Loan

April 03, 2012

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 bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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