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 yeliz.candemir@dowjones.com
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