Turkcell Mulls Share Buyback, Will Study Borrowing Options
August 26 2015 - 6:02AM
Dow Jones News
By Yeliz Candemir
ISTANBUL--Turkey's biggest mobile-phone operator by subscribers,
Turkcell Iletisim Hizmetleri AS (TKC, TCELL.IS) said late Tuesday
it is considering buying back up to 10% of its outstanding share
capital and will study its borrowing options.
In a statement to the Istanbul Stock Exchange, Turkcell said
Chief Executive Kaan Terzioglu has been authorized to seek approval
from the country's Capital Markets Board and related institutions
for a share buyback.
Turkcell also said it would evaluate borrowing alternatives,
including loans and debt issuance for an amount up to $3 billion
for refinancing purposes, funding infrastructure investments and
other potential investment opportunities.
"This is positive for the stock, given current domestic
political instability and global market turbulence," said
Istanbul-based brokerage Deniz Invest. "Turkcell has been looking
for inorganic growth opportunities in the region for a while, and
we believe part of any borrowing will be used for this. We also
view this decision as slightly positive for the stock, as it is a
concrete step toward inorganic growth."
At 0845 GMT, Turkcell shares were trading 3.6% higher at
TRY11.50, compared with a 0.5% drop in the benchmark BIST-100
Index.
Write to Yeliz Candemir at yeliz.candemir@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 26, 2015 05:47 ET (09:47 GMT)
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