DJ Oger Telecom Plans To Raise Turk Telekom Stake - IHA

ISTANBUL (Dow Jones)--Dubai-based Oger Telecom Ltd. plans to raise its stake in Turkish fixed-line operator Turk Telekom (TTKOM.IS) by purchasing at least 10% in a public offering, the company said Monday through its Turkish unit Ojer Telekomunikasyon AS, the Ihlas News Agency, or IHA, reports.

In a statement, Oger Telecom said it is still waiting for a decision from Turkish officials on the government's plans to sell shares in Turk Telekom in a secondary public offering.

Oger Telecom will pay 20% more than the offer price set for shares in Turk Telekom (TTKOM.IS) that the Turkish government plans to sell in a public offering, Turkish daily Haberturk reported early Monday.

The Turkish government expects to hold a public offering for a 15% to 20% stake in Turk Telekom, said Transportation and Communication Minister Binali Yildirim, the daily reported.

Turk Telekom listed 15% of its shares in an initial public offering in 2008, the second phase of Turk Telekom's privatization. Turk Telekom was partly privatized in 2005 when Oger Telecom purchased a 55% stake of the former monopoly for $6.55 billion. The remaining 30% of the company still belongs to the state.

In late December Turkish media reported that the government planed to list a further 15% stake in the company in 2010.

Turk Telekom listed on the Istanbul Stock Exchange in May 2008.

Agency Web sites: www.iha.com.tr; www.ihavideo.net

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February 22, 2010 11:06 ET (16:06 GMT)

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