Turkey's historic privatization complete
Güncelleme Tarihi:
The largest privatization in Turkish history was finalized on Monday at a signing ceremony in Ankara. The Saudi Oger led consortium won a 55% stake in state-owned fixed line operator Turk Telekom with its $6.55 billion bid back in July this year, and with the signing on Monday the deal is now officially complete. "This is a historic day for Turkey," Communications Minister Binali Yildirim said speaking at the signing ceremony, adding, "We have completed the largest privatization."
Before signing for Turkey, Finance Minister Kemal Unakitan said that Saudi Oger had deposited 20% of the total figure, or about US$1.3 billion, in the Turkish treasury on Monday.
Unakitan said that the success is of a decisive political will and that the government would continue with other privatizations, which are backed by the International Monetary Fund (IMF), adding that, it was necessary to ensure Turkey's competitiveness and continuing economic growth.
Mohammed Hariri, vice president of Saudi Oger and brother of slain former Lebanese Prime Minister Refik Hariri, signed for Saudi Oger. "We see completion of this transaction today as the beginning of our commitment to invest in the growth and development of Turk Telekom, and in the future of Turkey," Hariri said.