Transfer of Turkcell shares
With regards to our announcement on Turkcell on November 25, 2005, the transfer of Turkcell Holding A.S. shares with a nominal value of TL 91,371,168,250,487 (20.02% of the company's equity)
With regards to our announcement on Turkcell on November 25, 2005, the transfer of Turkcell Holding A.S. shares with a nominal value of TL 91,371,168,250,487 (20.02% of the company's equity) to Intercon Danismanlik ve Egitim Hizmetleri A.S., a Çukurova Group company and Turkcell Iletisim Hizmetleri A.S. shares with a nominal value of TL 54,527,523,978,000 (2.94% of the company's equity) to Çukurova Investments N.V. has been finalized and the total proceeds of NTL 1,638,001,443.71 has been received in cash. The calculation of this amount according to Turkcell Option Agreement is given below;
1) For the 1.14% of Turkcell Iletisim shares with a nominal value of TL 21,143,836,911,000, the sale price has been determined as NTL 7,4922 per share, which is the average of the daily weighted market price in Istanbul Stock Exchange (ISE) for 30 days, dating back from September 28, 2005.
2) For the 1.8% of Turkcell Iletisim shares with a nominal value of TL 33,383,687,067,000, the sale amount has been determined as USD 110,255,959, which is the acquisition cost of USD 99,731,012 at February 27, 2004 plus the interest accrued over the annual rate of libor+3,5 from that date in line with the Financial Restructuring Agreement.
3) For the 20.02% of Turkcell Holding shares with a nominal value of TL 91,371,168,250,487, the sale price has been determined based on Turkcell Iletisim (of which Turkcell Holding owns 51%) share price of NTL 7,4922 as computed above.
Further, a discount of Euro 55 million has been applied based on the Turkcell Option Agreement.
As a result of this sale, it has been decided to add the sale profit of NTL 1,144,317,800.62 to our Bank's capital (according to Corporate Tax Law article 8, paragraph 12). The related change in the Articles of Association and the capital increase decision will be taken to the agenda of Annual General Meeting during which 2005 financial results will be discussed.
Yapı Kredi / 28 Nov 2005