ANKARA
Turkish lender Isbank has started negotiations for the sale of its 7.44 percent stake in mobile operator Avea, the bank said in a stock market filing Wednesday afternoon.
"Our head office has been authorized to initiate the negotiations for the block sale of our Bank's shares in Avea İletiSim Hizmetleri A.S., which represent 7.44 percent of total shares for a nominal value of 610 million Turkish liras ($225 million), with Turk Telekom and other investors that might be interested in the company," Isbank said in a statement.
Turkish telecommunications company Turk Telekom, which already owns 90 percent of Avea shares, had said earlier Wednesday that it had submitted an offer to buy the remaining 10 percent.
The total value of these shares is 820 million Turkish liras ($305 million), according to the filing.
