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Turkey to reject Saudi request for Turk Telekom debt extension -sources
October 20, 2017 / 11:22 AM / 2 months ago

Turkey to reject Saudi request for Turk Telekom debt extension -sources

ANKARA/ISTANBUL, Oct 20 (Reuters) - Turkey’s Treasury will not grant a request from Saudi shareholders in Turk Telekom to extend a deadline in on-going debt talks, two people familiar with the matter told Reuters.

The Treasury also plans to make appointments to the board and executive committee of Turk Telekom, the two sources said, as it seeks more control over the former state utility, whose top shareholder has been shaken by a debt crisis.

Saudi Telecom Company (STC) made the request for a repayment extension after Turk Telekom’s majority shareholder, Oger Telecom, missed a third straight payment on a $4.75 billion syndicated loan, Reuters reported this month.

STC owns 35 percent of Oger, making it an indirect shareholder in Turk Telekom. The Turkish government owns nearly 32 percent of Turk Telekom, the country’s largest fixed-line operator.

Reuters has not been able to verify whether STC had requested more time for Oger to repay all of its late installments or just part of the amount.

Turkey’s Treasury declined to comment, as did Turk Telekom. No one was immediate available to comment at Oger’s offices in Turkey. Reuters was not immediately available to reach STC for comment. The company has previously declined to comment on the negotiations. (Writing by Ezgi Erkoyun; Editing by David Dolan)

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