Court Rejects Cukurova's Demand To Cancel Turkcell EGM

Date : 10/07/2011 @ 11:30AM
Source : Dow Jones News
Stock : Turkcell Iletisim Hizmetleri As (TKC)
Quote : 8.45  0.05 (0.60%) @ 4:02PM

Court Rejects Cukurova's Demand To Cancel Turkcell EGM

Turkcell Ilet (NYSE:TKC)
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A Turkish court has rejected Cukurova Holding's request to cancel a Turkcell Iletisim Hizmetleri AS (TCELL.IS) extraordinary general meeting on Oct. 12, local broadcaster CNBC-e reported Friday.

Cukurova Holding, owned by Turkish businessman Mehmet Karamehmet, last month filed a lawsuit requesting cancellation of Turkcell's statutory auditors' decision to hold Turkcell's extraordinary general meeting on Oct. 12, as well as the meeting's agenda, which includes the removal and election of board members.

Cukurova has a 13% interest in Turkcell.

Altimo and Swedish telecommunications firm TeliaSonera AB (TLSN.SK) are seeking to limit Mehmet Karamehmet's influence in Turkcell. In April, they failed in a bid to remove Turkcell Chairman Colin Williams for allegedly favoring Karamehmet's Cukurova.

At 1420 GMT, Turkcell shares were trading 1.92% lower at TRY8.16, amid a 1.01% lower overall Istanbul market.

-By Yeliz Candemir, Dow Jones Newswires, +90 535 432 05 91; yeliz.candemir@dowjones.com

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