Court green lights Turk Telekom’s privatization
Turkey’s Constitutional Court recently ruled in favor of a law to privatize Turk Telecom, reported Milliyet. The landline provider holds a monopoly over the country’s telecommunications sector.
In May 2001, Turkey's Privatization Administration cancelled a tender for the block sale of 33.5 percent of Turk Telekom, a move widely expected since Turkey passed a law to sell more of the company. Turkey's parliament passed legislation earlier that month to privatize almost all of the landline monopoly, but said it needed to reassess that valuation.
The privatization of the state-owned company was a key condition of the government's deal with the International Monetary Fund (IMF), according to which the IMF would help bail Turkey out of its foreign currency crisis. — (menareport.com)
© 2002 Mena Report (www.menareport.com)