No bids yet for a 20 percent stake in TT
The Turkish government is yet to find a foreign investor willing to purchase a 20 percent stake in the Turk Telekom company (TT), the state-owned telecom monopoly. The reason for investors’ lack of appetite for what will be Turkey's largest sell-off to date seems to be the government’s refusal to waive its control over the company.
Minister of communications, Enis Oksuz and Ibrahim Hakki Alpturk, the director general of TT, stated they are against the privatization of TT, stressing the company was founded by the nation and it should not be handed over to foreign management, the Yeni Binyil. Turkish newspaper reported last week.
According to Alpturk, the government is now considering to increase the size of the strategic TT sale to 34 percent from the earlier planned 20 percent. The government could raise the stake to 34 percent without further legislation.
Earlier this year, the Turkish parliament adopted a law providing for the privatization of 49 percent of the monopoly, which will still leave 61 percent of TT under state control. — (Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)