Thursday, June 23, 2011 ISTANBUL - Hürriyet Daily News
Turkcell, Turkey’s biggest mobile-phone operator, will have its extraordinary annual shareholder’s meeting on Aug. 11, after a disputed meeting in April.
The company announced the meeting date to the Istanbul Stock Exchange, or ISE, after the closure of the bourse on Wednesday.
“The company’s auditors decided that the company’s Extraordinary General Assembly meeting will take place August 11, 2011 at 3 p.m. in Turkcell Plaza’s Conference Hall,” read Turkcell’s statement to the stock exchange.
A dispute among the three partners – Sweden’s TeliaSonera, Russia’s Altimo and Turkey’s Çukurova - over control of the company has resulted in a failure to make crucial decisions including dividend distribution on April 21.
TeliaSonera and Altimo pressured Turkcell to oust Chairman Colin Williams from the board.
The Swedish and Russian partners argue that Williams has hampered Turkcell’s growth by favoring its founding shareholder, Çukurova Chairman Mehmet Emin Karamehmet.
Yep Yep...good questions. A very poor position to be in. Two analyst with top star ratings have it as a hold even after the bad news. Source is from Fidelity brokerage platform research. Dividend is only once a year per last numerous years. Bottom might be in. Capital appreciation a big reach, now. Very disappointing. My sense is that the Turkey economy is well positioned.Or, is it?
The dividend payment which was scheduled to be paid on May 16 could not be made since it was not approved at the AGM. For the time being, our Chairman and CEO have initiated the necessary discussions to resolve the disputes. Moreover, Our Company Chairman had submitted the requisite application to legally appoint the statutory auditors who were not appointed at the AGM. Accordingly, the Court has determined that the duties of existing statutory auditors shall continue until the extraordinary general meeting. We will inform the public as soon as any other material development occurs. Kindly find attached our press release for your ease of reference.