Multiple buyers interested in Türk Telekom stake: Garanti CEO

ISTANBUL

Multiple buyers are interested in buying a stake in Türk Telekom, Garanti Bank chief executive Ali Fuat Erbil said on Feb. 16 after Oger Telecom failed to make three payments on a $4.75 billion loan it secured to acquire 55 percent stake in the Turkish fixed-line operator.

In an annual evaluation meeting in Istanbul, Erbil said he expects the shareholding would become clear in the second half of this year.
Garanti, which has extended some $1 billion to the company, said last month that it reclassified Oger Telecom’s debt as “closely watched” as of the end of 2017.

“Türk Telekom is an asset, a strategic value of great importance for Turkey ... As the company is a strategic asset, things are working in a slower pace. We believe the issue will be resolved very soon,” Erbil said, as quoted by Reuters.

He also stressed that there would be no harm to lenders “even in the worst case scenario” with regard to the company’s loan repayment process. “Multiple buyers are interested in Türk Telekom. We expect the process will become clear by the second half of 2018,” Erbil added.