Turkey: Turkcell to pay dividend by April 2015
Turkcell shareholders have voted for payment of dividends not distributed since 2010. Dividends from 2010 to present is close to $1.5 billion.
ANKARA
Turkcell shareholders held a meeting late on Thursday and voted for payment of dividends that had not been distributed since 2010.
“The distribution to shareholders will take place by April 6, 2015 at the latest,” the statement said. The total for the four years through 2014 is close to 4 billion Turkish liras ($1.5 billion).
This is equivalent to 42.5 percent of the company's profit since 2010, the statement said.
While the agreement to pay dividends was a step forward for the shareholders, it did not resolve the outstanding question of whether to accept an offer of $2.8 billion from Russian oligarch Mikhail Fridman for a controlling stake in the company.
The offer, made through Fridman's Turkish company Alfa Group, is about twice the price of Turkcell shares as they are currently traded.
Cukurova Holding, owned by Turkish billionaire Mehmet Emin Karamehmet, and state-run Ziraat bank, are the two major shareholders in Turkcell holding who must approve the offer.
These changes come after nearly 10 years of legal battles between Fridman and Karamehmet for control of the company.
Turkcell is the largest mobile operator in Turkey.
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