Banks prepare to sell Turk Telekom shares

Levent Configuration Management Inc., owned by banks that hold majority shares with 55 percent of Türk Telekom, has announced the sale of the company’s shares. Banks, including Akbank, Turkish Business Bank and Garanti BBVA,authorized Morgan Stanley to sell 55 percent of Turkish Telecommunications shares owned by Levent Configuration Management.

Banks officially acquired shares held by OTAS, the former owner of Turk Telekom, at the end of last year because they could not pay the loan debt, and took over the management of the company. Levent Configuration Management, a joint venture of the 12 banks that actually took over the management of Türk Telekom, announced it is putting its shares up for sale. Akbank, IsBank and Garanti BBVA made a statement about Levent Configuration and Türk Telekom shares.

A statement from the banks reads as follows:

Let us also remind that the current market value of Türk Telekom is approximately TL 20 billion, or 3.5 billion dollars on average.

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