Creditor banks of OTAS take over Turk Telekom shares

The Turkish Treasury and Finance Ministry approved the takeover of OTAS shares of telecommunications giant Turk Telekom by a joint venture company composed of creditor banks of OTAS.

"The takeover of the 55 percent of shares held by Ojer Telekomunikasyon (OTAS) in Turk Telekom, by a special purpose vehicle (SPV), which the creditor banks of OTAS would be shareholders, has been approved by the Ministry of Treasury and Finance," Turk Telekom said in a statement Wednesday.