Turkey's prominent cellphone operator Turkcell is now a crucial asset in Turkiye Wealth Fund's portfolio as the transaction was closed on Thursday, according to a statement from the company.
Turkcell's annual general assembly meeting held on Wednesday approved the Turkiye Wealth Fund to become the controlling shareholder of the company, the statement said.
The transaction has simplified the shareholding structure of Turkcell as the fund has a 26.2% stake, 15% of which are privileged shares.
“We have successfully completed a transaction that we have been working on day and night in a transparent fashion for the last 1.5 years," Zafer Sonmez, CEO of the fund, said.
The fund will pave the way for management to contribute to Turkcell’s future as an effective and performance-driven digital operator led by strong corporate governance principles, Sonmez noted.