Swedish telecom company Telia Co. AB (0H6X.L,TLSNY.PK) Tuesday announced that sale of its direct stake in Turkish subsidiary Turkcell for roughly 4.127 billion Swedish kronor.
The company said the sale is in line with the strategy to focus on the Nordics and Baltics.
The sale of the 153.5 million ordinary shares in Turkcell, representing approximately 7.0 percent of the company's issued share capital, to institutional investors means that Telia Company no longer has a direct stake in Turkcell.
Telia's indirect stake of 24 percent in Turkcell through Turkcell Holding remains unchanged.
Johan Dennelind, President and CEO of Telia Co., said, "The sale of the remaining directly owned shares in Turkcell is in line with our strategy to focus on our operations in the Nordics and Baltics. We will after today's transaction continue to be the largest shareholder in Turkcell and as such will continue our long-term efforts to solve the ownership deadlock and to reinstate normal corporate governance in Turkcell."
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