Fitch: Agreement Adds Value to Telsim Telecom

On Friday (March 25), Berker explained that Telia Sonera, which has an A (-) grade credit rating, that became an effective shareholder in Turkcell is indicative of the desires of foreign investors to make permanent investments in Turkey. Berker noted that this development would encourage other purchases and mergers. Berker also pointed out that the sale of interests in the Cukurova Group would be a positive for Telsim, which will be offered for sale by the Savings Deposit Insurance Fund (TMSF) Turkish Telecom, which is undergoing the privatization process. Berker said: "The trust increase of foreign investors would be perceived positively by the markets." Berker noted that the Swedish share holder Telia Sonera had taken action to buy shares in the Cukurova Group, which was the majority shareholder in Turkcell, following the 2001 economic crises in Turkey, "the group has reached a solution over an international disagreement with this sale," said Berker. "Smaller than the former but more valuable funds may be left to Karamehmet. To resolve the disagreements of the group with public and international institutions will increase the value of this fund," Berker remarked. According to Berker the sale will increase the value of Yapı Kredi Bank. A rise in the value of Companies within the group will positively affect the group’s balance sheet.

Meanwhile, following the disclosure of the purchase by Yapi Kredi of shares in Turkcell Holding, the Banking Regulation and Supervision Agency (BDDK) took action. Yapi Kredi management, which was assigned by the Agency, yesterday placed the situation on the table. According to information released, the agreement in regard to sale of Turkcell it is decided will be sent to the Capital Markets Board on the grounds that its is against legislation. A Yapi Kredi official noted: "How can a person sell a part in something that does not belong to him? In addition, there is a statement released to the Stock Exchange. The sale authority handling Yapi Kredi shares belongs to the Savings Deposit Insurance Fund (TMSF) and the BDDK."

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