Transportation Minister Binali Yildirim has announced that the Treasury-owned portion of Turk Telekom that was put up in an initial public offering has drawn 6.4 times more demand than the shares available.

- 09 / 05 / 2008 09:24

Transportation Minister Binali Yildirim has announced that the Treasury-owned portion of Turk Telekom that was put up in an initial public offering (IPO) has drawn 6.4 times more demand than the shares available.

Minister Yildirim, during an opening speech at the conference section of the Supercom Telecommunications Trade Fair, recalled that the government had decided to put 15 percent of the 45 percent portion of Turk Telekom shares which belong to the state up for an initial public offering, thus taking these shares out of the hands of the state.

This 15 percent share is estimated to be worth around YTL 525 million.

"During this initial public offering period, we received 6.4 times more demand than available shares. This alone is an indicator of the direction that this sector, and this nation as a whole, is headed. What it means is that when it comes to investment in Turkey's communications sector, neither local nor foreign investors have any reservations.

"The international and domestic communications sector has confirmed the false nature of all the alleged crisis scenarios. And from this perspective, it has been confirmed that our sector is on the right path, and that investors from both inside and outside of Turkey will be investing in our communications technology," said Yildirim.

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