Turkey advertises Telsim sale tender - Turkey Puts Telsim Up for Sale
Stock Market News and Investment Information | Reuters.comUPDATE 1- Turkey advertises Telsim sale tender
Thu Aug 25, 2005 3:02 AM ET
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ANKARA, Aug 25 (Reuters) - Turkey issued a sale tender advertisment on Thursday for mobile phone operator Telsim at an estimated price of $2.804 billion, the official gazette said.
It set September 19 as the final date for pre-qualification bids and said the bidding deadline would be December 5. Bids would be opened on December 13 and the result would be agreed on the same day.
The sale of Telsim has been held up by legal wrangling surrounding the company's $3.4 billion of debt to Motorola (MOT.N: Quote, Profile, Research) and Nokia (NOK1V.HE: Quote, Profile, Research).
Turkey's Savings and Deposits Insurance Fund (TMSF), a state banking body, took over Telsim and hundreds of other firms belonging to the controversial Uzan family last year after the collapse of the family's Imar Bank.
TMSF Chairman Ahmet Erturk told Reuters in an interview this week that the authorities planned to complete the sale and solve all legal problems surrounding Turkey's second biggest GSM firm by the end of this year.
Turkey Puts Telsim Up for Sale
Turkey Puts Telsim Up for Sale
Thursday August 25, 11:54 am ET
Turkey Puts Second-Largest Mobile Telephone Network Telsim Up for Sale
ANKARA, Turkey (AP) -- The Turkish government put wireless carrier Telsim up for sale on Thursday, setting an estimated value of $2.8 billion for the country's second-largest mobile operator.
A notice in the Official Gazette set Sept. 19 as a deadline for companies to make qualifying bids, with Dec. 5 as the deadline for final offers.
Telsim, along with about 200 other businesses owned by the Uzan company, was taken over by the Turkish Saving Deposits Insurance Fund last year to collect debts stemming from the group's troubled flagship bank, Imar.
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