Turkey's leading mobile operator, Turkcell has confirmed the transfer of its shares in Fintur, a Netherlands-based telecommunication company, to the latter's majority shareholder, Sonera Holding.
In a statement on the Public Disclosure Platform (KAP), Turkcell said the transfer of its 41.45 percent stake in Fintur to Sonera Holding, the other shareholder of Fintur, was completed on April 2.
"The final price of the transaction amounted to 352.9 million euros ($396.39 million). It is expected that the profit of TL 772.4 million made from the share transfer will be reflected in our financial statements in the first quarter of 2019," the statement read.
The company inked the agreement with respect to the transfer of its shares on Dec. 12, 2018.
Turkcell General Manager Murat Erkan praised the completion of the process, which he said is an important strategic development in the company's history.
Indicating that the company brought some TL 2.2 billion cash inflow to its balance sheet through the transaction, Erkan said, "So, our balance sheet ratios have become even stronger and our foreign exchange position has turned into positive. We will use the resources created from this transaction in investments that will enrich the value we offer to our customers and that will strengthen our technology."
Turkcell spearheaded GSM-based mobile communications in Turkey when it started operations in 1994. Since then, it has continuously expanded its services based on mobile audio and data communication in and outside Turkey.