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Turkish mobile operator Turkcell fails again to hold annual general meeting. [IntelliNews - Weekly Reports](IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Turkey's leading mobile operator Turkcell announced that its annual general meeting (AGM) scheduled for May 29, could not convene since the 51% meeting quorum required by the articles of association of Turkcell was not reached. Two other planned AGMs in May 2013 and on June 24, 2013 were also postponed due to a row between local Cukurova and Russian Altimo Group. Turkcell's general meeting was expected to decide on dividend distribution regarding 2010, 2011, 2012 and 2013, and also to elect the new board of directors. Turkcell could not pay any dividends to its shareholders since 2009 due to disagreements among its main shareholders. Per-Arne Blomquist, CEO of Turkcell's largest shareholder TeliaSonera, said in June 2013 that TeliaSonera was very disappointed at the outcome of the AGM, and it was not happy with the current structure, where a minority shareholder can block majority decision due to a complex holding company structure. TeliaSonera has done its utmost to reach an agreement between the major shareholders, but since Altimo and Cukurova have been unable to resolve their deadlock, TeliaSonera has failed in its attempts, Blomquist asserted. Turkcell's domestic subscriber base stood at 34.8mn as of March 31 while it has a total of 70.1mn subscribers in nine countries through its subsidiaries. Turkcell posted a consolidated net income of TRY 360.6mn (EUR 127mn) in Q1, representing a 36.4% y/y decline, due to increase in Turkcell's Ukraine-based subsidiary Astelit's FX losses as a result of the depreciation in UAH. The market was expecting a 35.6% y/y decline in Turkcell's net income to TRY 364.2mn. The mobile operator's consolidated revenues rose by 6.2% y/y to TRY 2.86bn in the first quarter from TRY 2.7bn a year earlier. The market consensus forecast was TRY 2.85bn. Turkcell's consolidated net income increased by 11.9% y/y to TRY 2.3bn in 2013 while consolidated turnover increased by 8.6% y/y to TRY 11.4bn last year. (c) 2014 Emerging Markets Direct Media Holdings LLC Provided by SyndiGate Media Inc. (Syndigate.info). |