Turkcell panel ‘votes for first dividend five 5 years’

ISTANBUL- Reuters

Turkcell’s shareholders approve a dividend proposal after years.

Shareholders of wireless operator Turkcell have approved a dividend proposal, an investor who attended its general meeting on March 26 told Reuters, paving the way for the company’s first pay-out in around five years.

Three major Turkcell shareholders, whose in-fighting has prevented the company from holding an annual general meeting since 2010, said on March 25 they had agreed to propose a $1.5 billion dividend.

Under Turkcell’s complex share structure, Russia’s Alfa Group, Turkey’s Çukurova Holding and Nordic TeliaSonera indirectly own parent company Turkcell Holdings. Control of Turkcell Holdings gives control of Turkey’s dominant mobile network.

The company said on late March 25 that Kaan Terzioğlu was appointed as its new Chief Executive.

Terzioğlu, a former VP at Cisco who sits on the Board of Turkish financial institution Akbank, takes up his new role on April 1, the company said by a written statement to the Public Disclosure Platform (KAP).

He replaces Süreyya Ciliv, who resigned after eight years in the hot-seat last month.

Turkcell said Ciliv was leaving for personal reasons, without expanding further.