Turkey’s Capital Markets Board (SPK) will appoint the last two members to the Turkcell management board within a fortnight, according to chairman Vahdettin Ertas.
Speaking at the Islamic Finance Roadshow in Istanbul, Ertas told reporters that…
Turkey’s Capital Markets Board (SPK) will appoint the last two members to the Turkcell management board within a fortnight, according to chairman Vahdettin Ertas.
Speaking at the Islamic Finance Roadshow in Istanbul, Ertas told reporters that Turkcell’s three major shareholders – Russia’s Altimo, Turkey’s Cukurova and Sweden’s TeliaSonera – have run out of time to appoint their own members.
SPK has already appointed five members to the seven-seat Turkcell management board as the feuding shareholding trio has repeatedly failed to convene an AGM to appoint their own. In mid-August, the regulator said it had given the three shareholders 15 days to nominate two candidates each for the remaining seats. SPK has said its appointees will only remain in place only until shareholders can agree on their own.
The SPK board appointments have incensed the major shareholders, with an Altimo spokesperson labelling them “uncalled for”, and TeliaSonera CEO Per-Arne Blomquist telling the Financial Times they send a negative messages to foreign investors.
A TeliaSonera spokesperson was unable to comment today on whether SPK had advised the company of its plans to appoint the remaining two board members.
However, he reiterated that TeliaSonera considers the situation “unfortunate”.
“Our position has not changed. We continue to be firmly committed to developing Turkcell as a successful Turkish company both in Turkey and abroad.”
An Altimo spokesperson said his organisation cannot comment before court cases related to the dispute, currently pending in the UK and the US, are resolved.
Cukurova was not immediately available for comment.
