Avea, the mobile subsidiary of Turk Telekom, has called an EGM to discuss a capital restructuring.
According to an emailed Turk Telekom statement, the EGM will discuss a proposal according to which paid-in capital will be decreased initially.
The…
Avea, the mobile subsidiary of Turk Telekom, has called an EGM to discuss a capital restructuring.
According to an emailed Turk Telekom statement, the EGM will discuss a proposal according to which paid-in capital will be decreased initially.
The reduction from TRY 7.115bn (E3.06bn) to TRY 3.5bn (E1.5bn) to partially net off previous year’s losses will be followed by a capital increase up to current levels.
This will require a cash injection or a conversion of shareholder loans, Turk Telekom said, adding that the company itself as Avea’s largest shareholder intends to participate through a shareholder loan conversion, if the EGM approves the measures.
Turk Telekom holds 81.37% of shares in Avea. The remaining 18.63% belongs to Is Bankasi.
The extraordinary general meeting will be held on Friday, 29 July 2011.
