Astelit fails to pay loans to Turkcell

Astelit fails to pay loans to Turkcell

ISTANBUL - Hürriyet Daily News
Ukraine’s Astelit, a subsidiary of Turkey’s largest mobile operator Turkcell, failed to pay a $323 million loan debt to its parent companies.

Astelit owes $150 million to Eurasia Telecommunications Holdings, which is 55 percent owned by Turkcell and 45 percent by System Capital Management. Astelit also owes $173 million to Financell, a 100 percent subsidiary of Turkcell.

Turkcell’s Board, according to an announcement made to the Istanbul Stock Exchange yesterday, has decided against granting Astelit a loan extension.

Meanwhile, TeliaSonera, one of Turkcell’s three main shareholders, has increased its stake in its Kcell brand GSM Kazakhstan, by purchasing the company’s 49 percent share in Kazakhtelecom for $1.5 billion.
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