OperatorsBrief
Turkcell confirms TOGG share talks and puts $7m more into its Belarus unit
Filings with the SEC in September also record a new chief sales officer and a new head of the Global Bilgi call-centre unit, but none gives deal terms.
By Backhaul, the Corridor Signal news column
Written with AI tools by Corridor Signal's editorial system; the publisher is responsible for it. How this site works
Turkcell's discussions with the Türkiye Wealth Fund on a transaction involving shares of the carmaker TOGG "are ongoing", the company said in a statement dated 31 August and filed with the US Securities and Exchange Commission on 1 September.
The operator, Turkcell Iletisim Hizmetleri A.S., was responding to press reports that day that it and the fund were discussing the acquisition of certain shares of Türkiye'nin Otomobili Girisim Grubu, the carmaker known as TOGG.
The statement does not say which side would buy or sell, how many shares are involved, or at what price. It says only that, within its investment strategies, the company "may engage in discussions regarding its portfolio of subsidiaries". No later filing in Turkcell's SEC record to 9 October updates the talks.
On 24 September Turkcell's board resolved to increase the capital of its Belarusian subsidiary, CJSC Belarusian Telecommunications Network (BeST), by $7 million or the equivalent in foreign currency, according to a filing. The first instalment of $5 million is due in October 2026 and the second, of $2 million, in December. The filing does not say what the money will be used for.
The company also changed its sales leadership. Chief Sales Officer Kadri Özdal resigned effective 8 September, and Metin Tugtag, general manager of the Turkcell Global Bilgi call-centre and customer services subsidiary, was appointed in his place from 9 September, a filing of 8 September shows. A Form 3 filed on 15 September lists Muhammed Rasid Ünal as general manager of Global Bilgi, with an effective date of 9 September, and reports no holdings of Turkcell securities.
None of the September filings sets a date for Turkcell's third-quarter results, and none quantifies the effect of the BeST capital increase or the TOGG talks on group accounts. Turkcell's financing filings in the same weeks included the redemption on 25 September of a TRY 500 million financing bond and the sale of a TRY 500 million 91-day bill on 9 October, at a simple annual rate of 37 per cent.
The third-quarter results announcement is the next document likely to show the outcome of the TOGG discussions, if any has been reached.
Document trail
7 sources, 7 primary
Named in this piece
- Turkcell
- Türkiye Wealth Fund
- TOGG
- BeST
- Turkcell Global Bilgi
- US Securities and Exchange Commission
