Bloomberg News

Turkcell Gains as Meeting Set to Discuss Payout: Istanbul Mover

June 01, 2012

Turkcell Iletisim Hizmetleri AS (TCELL), Turkey’s biggest mobile phone company, climbed in Istanbul after saying shareholders will meet on June 29 to discuss earnings and dividends from last year and 2010.

Turkcell rose 2.2 percent to 8.32 liras at the close on the main ISE National 100 index, gaining for the first time in three days.

A dispute over control of Turkcell between Cukurova Holding of Turkey, TeliaSonera AB (TLSN) and Russia’s Altimo has blocked the dividends. The meeting was called by statutory auditors, Turkcell said in a filing with the exchange today.

Board changes at Turkcell may also be discussed, according to the meeting’s agenda.

As the shareholders’ meeting was called by auditors not the board, Turkcell’s owners should agree on the items beforehand to ensure they’re approved, Alper Ozdemir, an analyst at broker Oyak Securities in Istanbul, said in an e-mailed report to clients today.

“It should be expected that most of the agenda items will remain unapproved if the board could not agree on the aforementioned items until June 29, which was the case in the last three general assemblies,” Ozdemir said.

Turkcell’s shares have dropped 6 percent this year compared with an advance of 8.4 percent for the main ISE National 100 index.

To contact the reporter on this story: Mark Bentley in Istanbul at mbentley3@bloomberg.net

To contact the editor responsible for this story: Riad Hamade at rhamade@bloomberg.net


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