DOW JONES NEWSWIRES
Swedish telecom operator TeliaSonera AB (TLSN.SK) Monday said it
regrets that an ownership dispute at part-owned Turkish operator
Turkcell (TCELL.IS) has resulted in a failed annual general meeting
at the company.
MAIN FACTS:
-The quorum in the AGM was not reached due to the fact that the
shareholders couldn't agree on the representation of Turkcell
Holding, which accounts for 51% of the shares in the listed company
Turkcell Iletisim.
-"We have done our utmost to reach an agreement between the
major shareholders, but since Altimo and Cukurova have been unable
to resolve their deadlock, we have failed in our attempts,"
TeliaSonera Chief Executive Per-Arne Blomquist said.
-"We are very disappointed at the outcome of the AGM, and we are
not happy with the current structure, where a minority shareholder
can block majority decision due to a complex holding company
structure," he said.
-"Any attempts to 'nationalize' the company, by excluding
TeliaSonera from the Board and appointing a Board, which solely
consists of CMB appointed members, are unacceptable and against the
Turkish Commercial Code as well as international investment
treaties," he said.
-TeliaSonera is one of the founders of Turkcell and a long term,
strategic investor, with a 38% direct and indirect ownership, and
will continue to make every effort to resolve the deadlock between
the shareholders.
-"TeliaSonera is by far the largest minority shareholder of
Turkcell, hence it is clear that any further delay in appointing a
new Board and of delaying dividend distribution is not in our
favour," the company said.
-At 0951 GMT, shares in TeliaSonera were up 0.3% at SEK42.93
against a 2% drop in the wider Stockholm market.
Write to Gustav Sandstrom at gustav.sandstrom@dowjones.com
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