Turkcell preparing for Global Tower IPO

The Board of Directors of Turkish telecoms group Turkcell has decided to initiate the ‘preparation process’ for an initial public offering (IPO) of ‘a certain amount’ of shares in its 100%-owned tower infrastructure subsidiary Global Tower (registered as Kule Hizmet ve Isletmecilik), a corporate press release disclosed, adding that the IPO will be held in Turkey and international markets ‘when required, depending on the market conditions’. The release continued: ‘In this regard, our Company’s management is authorised to amend the existing articles of association of Global Tower within the scope of Capital Markets’ legislation and to perform all other actions as required under related legislations.’