Turkey's Regulator Appoints Three Independent Board Members to Turkcell

By Yeliz Candemir

ISTANBUL--Turkey's Capital Markets Board said late Monday it has appointed three independent board members to Turkcell Iletisim Hizmetleri AS (TCELL.IS), Turkey's biggest mobile operator, to improve corporate governance.

In a statement on its web site, the regulator said it appointed Atilla Koc, Mehmet Hilmi Guler, who are ex-government ministers, and Ahmet Akca to the board of Turkcell. The three will replace Mehmet Bülent Ergin, Tero Erkki Kivisaari and Oleg Adolfovic, who represented each of Turkcell's three major shareholders. Turkcell's board has six members in addition to its chairman. With the latest appointment, the number of independent members has increased to four.

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 for Turkcell that has delayed both an agreement on the composition of the board and distribution of dividends.

"We doubt that changed board of directors would make any difference about the payment of long awaited cash dividend since the final decision rests with the General Assembly as far as we know which failed to convene last year," said Ayse Colak, an analyst with Tera Brokers in Istanbul.

Write to Yeliz Candemir at [e-mail]

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