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TeliaSonera Hopes To End Turkcell Boardroom Deadlock In June

STOCKHOLM -(Dow Jones)- Swedish telecom operator TeliaSonera AB (TLSN.SK) said Friday it hopes to resolve boardroom deadlock in its affiliate Turkcell Iletisim Hizmetleri AS (TCELL.IS) at the Turkish carrier's annual general meeting in late June. In a statement on Friday, Turkcell said it will hold its annual general meeting on June 29. "At the AGM we anticipate that Turkcell will decide to increase the number of independent board members, which would resolve the current boardroom deadlock," TeliaSonera spokeswoman Cecilia Edstrom said. TeliaSonera has for several years struggled to gain control over Turkcell, Turkey's largest carrier, in which it has a 38% stake. The ownership conflict in Turkcell began when TeliaSonera attempted and ultimately failed in 2005 to purchase the ownership stake held by Turkcell's founder, the controversial Turkish businessman Mehmet Karamehmet and his Cukurova conglomerate. Turkcell's board has six board members in addition to its chairman, who is able to block decisions. TeliaSonera wants the number of independent board members to increase. The Swedish carrier hopes that it will be able to replace Turkcell Chairman Colin Williams who, it says, isn't acting as an independent board member, and, together with Russia's Altimo, the telecommunications arm of Russian industrial conglomerate Alfa Group, wrestle control of Turkcell from Cukurova. -By Sven Grundberg, Dow Jones Newswires; +46-8-5451-3098; sven.grundberg@dowjones.com; Twitter: @svengrundberg

Stock News for Turkcell Ilet (TKC)
DateTimeHeadline
05/14/201306:56:13Turkcell Seeks Board Approval to Distribute At Least 50% of Profit...
04/17/201305:16:38Turkcell to Hold General Assembly on May 22
03/12/201306:04:12Turkey's Regulator Appoints Three Independent Board Members to...
03/04/201305:54:11SUBSCRIBERS: Please Disregard Headline on Turkcell Majority Stakeholders
01/30/201307:48:22Turkcell Controlling Stakeholder Cukurova Could Redeem Shares...
10/30/201211:31:54MTN Uganda Executives On Trial Over $27 Million Tax Scam
10/19/201202:49:36Turkcell Third-Quarter Net Profit Slightly Above Expectations
08/08/201203:09:47MTN Posts Strong Growth in Revenue, Subscribers
07/26/201203:18:46Turkcell Beats Expectations with Second-Quarter Net Profit
07/12/201205:13:09S Africa's Foreign Ministry Suspends Former Iran Ambassador On...
06/29/201206:25:48TeliaSonera Regrets Postponement of Turkcell AGM, Supports Dividend
06/26/201211:12:39Turkcell EGM to Be Postponed Amid Shareholders' Disagreement
06/25/201204:36:13Turkcell Deadlock Set to Continue after Regulator Decision
06/01/201205:56:08TeliaSonera Hopes To End Turkcell Boardroom Deadlock In June
05/03/201204:06:35Turkcell Profit Lifted By Higher Net Financial Income
04/19/201201:56:23TeliaSonera Net Profit Down, As Income From Subsidiaries Declines
04/01/201213:45:23Ex-MTN CEO Denies Bribery Allegations Against Company
03/29/201204:45:13Turkcell Files Suit Against MTN In US Courts
03/07/201205:22:09MTN Will Only Exit Iran If South Africa Applies Sanctions -CEO
02/23/201204:41:22Turkcell Net Profit Falls Mainly Due To Belarus Operations

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