Sonera Holding BV (Telia) sold its 7.2 percent direct share, corresponding to 153.5 million units, in Turkcell İletişim Hizmetleri A.Ş. at approximately TL 1.8 billion ($520 million).

According to the statement released by Turkcell İletişim Hizmetleri A.Ş. on the Public Disclosure Platform (KAP), Telia, which had a 7 percent direct shareholding in the company, decided to sell approximately 153.5 million shares, corresponding to 7 percent of Turkcell's issued capital, to foreign investment institutions.

It is reported that Telia's total shareholding in Turkcell currently corresponds to 24 percent indirect shares after the sale of the 7 percent share.

It was also noted that the company's intention to sell their direct shares in Turkcell is consistent with their strategy of focusing on operations in the Nordic and Baltic countries, recalling that in May 2017, Telia sold 155 million shares, representing a 7 percent direct share of Turkcell, to foreign investors.

Accordingly, Telia will continue to be the largest shareholder in Turkcell in economic terms after the transaction. The bid price and the final number of the shares subject to sale will be determined by Telia and will be announced with a separate statement on the subject.

"The sale of direct shares we have in Turkcell is in line with our strategy of focusing on operations in our Nordic and Baltic countries. We will continue to be the largest shareholder in Turkcell after this transaction," Telia Sonera CEO Johan Dennelind noted in the statement, adding that they will continue their long-term endeavor to solve the ownership problem in Turkcell and restore normal corporate governance in this respect.