February 16, 2018 / 8:52 AM / 4 months ago

Multiple buyers interested in Turk Telekom stake, Garanti CEO says

ISTANBUL (Reuters) - Multiple buyers are interested in buying Turk Telekom’s stake, Turkey’s Garanti Bank chief executive Ali Fuat Erbil said on Friday, after Oger Telecom failed to make three payment on a $4.75 billion loan it secured to acquire 55 percent stake in Turkish fixed-line operator.

In an annual evaluation meeting in Istanbul, CEO Erbil said that he expects the shareholding would become clear in the second half of this year.

Garanti, which has extended some $1 billion to the company, said last month that it reclassified Oger Telecom’s debt as “closely watched” as of the end of 2017.

Reporting by Ebru Tuncay; Writing by Ezgi Erkoyun; Editing by David Dolan

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