Turkcell To Hold Postponed Annual General Meeting on June 24

ISTANBUL--Turkcell Iletisim Hizmetleri AS (TKC, TCELL.IS), Turkey's biggest mobile operator, said Wednesday it will hold an annual general meeting on June 24 after it couldn't convene last week.

The annual general meeting was originally scheduled for May 22 but was posponed after the required 51% meeting quorum wasnt't reached.

Turkcell's major shareholders--founder Mehmet Karamehmet and his Cukurova conglomerate, Sweden's TeliaSonera AB (TLSN.SK) and Altimo of Russia--have been fighting a battle for control of Turkcell which has delayed both an agreement on the composition of the board and the distribution of dividends.

Turkey's Capital Markets Board last week said that Turkcell's major shareholders should replace 4 board members whose terms have ended and call the general assembly within 30 days. Otherwise the regulator will appoint those members and call for the assembly meeting after the given deadline, it said.

Turkey market regulator in March appointed three independent board members to Turkcell to improve corporate governance. Turkcell's board has six members in addition to its chairman. With the latest appointment, the number of independent members has increased to four.

At 1445 GMT, Turkcell shares closed 0.41% lower at TRY12.15 amid a 3.05% lower overall Istanbul market.

Write to Yeliz Candemir at [e-mail]

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