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Wed 26 Dec 2007 12:40 PM

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Turk Telekom to go public

Operator to offer 15% stake owned by Turkish Treasury to the public next year, official gazette says.

A 15% stake in Turk Telekom owned by the Turkish Treasury will be offered to the public in 2008, Turkey's official gazette said on Wednesday.

Earlier Turkey's Privatisation Administration (OIB) told Reuters it planned to hold a public offering of 15 to 20% of landline operator Turk Telekom in the first half of 2008.

Turk Telekom was 5% privatised in a 2005 deal with Saudi Oger Holding worth $6.55 billion, with the government holding the remaining 45%.

Turkey has a broad privatisation programme backed by its major lender, the International Monetary Fund (IMF), and big-ticket sales in recent years have contributed to record foreign direct investment.

A Turk Telekom strike was recently ended after the company and a union representing its employees reached a deal over wages. The strike began in mid-October. (Reuters)

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