Creditor banks of OTAS take over Turk Telekom shares

By Tuba Sahin

ANKARA

The Turkish Treasury and Finance Ministry approved the takeover of OTAS shares of telecommunications giant Turk Telekom by a joint venture company composed of creditor banks of OTAS.

"The takeover of the 55 percent of shares held by Ojer Telekomunikasyon (OTAS) in Turk Telekom, by a special purpose vehicle (SPV), which the creditor banks of OTAS would be shareholders, has been approved by the Ministry of Treasury and Finance," Turk Telekom said in a statement Wednesday.