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Name | Symbol | Market | Type |
---|---|---|---|
Turkcell lletism Hizmetleri AS | NYSE:TKC | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.03 | -0.50% | 5.92 | 6.065 | 5.96 | 5.99 | 447,424 | 01:00:00 |
ISTANBUL--Turkcell Iletisim Hizmetleri AS (TKC, TCELL.IS), Turkey's biggest mobile operator, said late Tuesday it will hold a general assembly on May 22 to seek approval of 2010, 2011 and 2012 financials and a long-awaited dividend payment from 2009.
Turkcell said in a statement to the Istanbul Stock Exchange that it will announce separately any dividend proposal from the board of directors.
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 month 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.
"We think it is positive if the general assembly convenes and approve dividends, regardless of the amount. This will either point to an agreement in the boardroom or Cukurova's ability to control the company, both of which should be perceived positively by the market," said Istanbul-based Oyak Securities in a note.
At 0825 GMT, Turkcell shares were trading 0.45% higher at TRY11.15 amid a 0.2% lower overall Istanbul market.
Turkcell is expected to post its first-quarter financial results at 1700 GMT.
According to a survey by Dow Jones Newswires, Turkcell's net profit is estimated at 503 million Turkish lira ($280.55 million) in the first quarter, slightly lower compared with last year, as analysts expect the company to lose subscribers amid an environment of tough competition.
Write to Yeliz Candemir at yeliz.candemir@dowjones.com
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