Alfa decreases stake in Turkcell

Alfa Group has decreased its stake in Turkcell from 13.2% to 4.99% by selling 62.2% of Alfa Telecom Turkey Limited, the owner of 13.2% of Turkcell. Effectively, disposal of the stake in Alfa Telecom Turkey Limited implies a decrease in Alfa’s indirect ownership in Turkcell by 8.2%. The value of the deal was USD 90.2 mln, a deep discount to USD 845 mln –the market price of this stake as of March 16 (a day before the deal). The discount is explained by time constraints – the divestiture was to have been made by March 23, according to court rulings.