ISTANBUL--Turkcell Iletisim Hizmetleri AS (TKC, TCELL.IS),
Turkey's biggest mobile operator, said late Tuesday it will hold a
general assembly on May 22 to seek approval of 2010, 2011 and 2012
financials and a long-awaited dividend payment from 2009.
Turkcell said in a statement to the Istanbul Stock Exchange that
it will announce separately any dividend proposal from the board of
directors.
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 of Turkcell
which has delayed both an agreement on the composition of the board
and the distribution of dividends.
Turkey's Capital Markets Board last month appointed three
independent board members to Turkcell to improve corporate
governance. Turkcell's board has six members in addition to its
chairman. With the latest appointment, the number of independent
members has increased to four.
"We think it is positive if the general assembly convenes and
approve dividends, regardless of the amount. This will either point
to an agreement in the boardroom or Cukurova's ability to control
the company, both of which should be perceived positively by the
market," said Istanbul-based Oyak Securities in a note.
At 0825 GMT, Turkcell shares were trading 0.45% higher at
TRY11.15 amid a 0.2% lower overall Istanbul market.
Turkcell is expected to post its first-quarter financial results
at 1700 GMT.
According to a survey by Dow Jones Newswires, Turkcell's net
profit is estimated at 503 million Turkish lira ($280.55 million)
in the first quarter, slightly lower compared with last year, as
analysts expect the company to lose subscribers amid an environment
of tough competition.
Write to Yeliz Candemir at yeliz.candemir@dowjones.com