Turkcell to establish consumer financing company

ISTANBUL

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Leading mobile operator in Turkey Turkcell has decided to establish a consumer financing company with a capital ceiling of up to 500 million Turkish Liras ($171.5 million), it said in a written statement to the Public Disclosure Platform on Aug. 27.

“Our board of directors has made a decision to incorporate a consumer financing company with a capital ceiling of up to 500 million Turkish Liras and to authorize management to carry out all the necessary transactions and obtain required permits in this regard. Accordingly, the company has applied to the Banking Regulation and Supervision Agency (BDDK) for necessary approvals,” said the statement. 

The company also said it applied to the Capital Markets Board (SPK) for the approval of an issuance certificate to issue bond, commercial paper or any other debentures with an amount up to $1 billion or its equivalent in another currency, to real and legal persons domiciled outside of Turkey, through private placement and/or sales to qualified investors, without a public offering, in another statement on Aug. 27. 

With nearly 35 million subscribers, Turkcell also has investments in communication sectors in Azerbaijan, Kazakhstan, Georgia, Moldova and Northern Cyprus.