Turkish Sovereign Wealth Fund Weighing Stake Sale in Turkcell
- Board members discussing whether to sell fund’s 26.2% stake
- Wealth fund has yet to begin formal talks with possible buyers
Turkey’s sovereign wealth fund is weighing whether to sell its 26.2% stake in Turkcell Iletisim Hizmetleri AS, the country’s biggest telecommunications operator, according to people familiar with the matter.
The board of Turkey Wealth Fund, or TWF, has yet to make a formal decision, the people said, asking not to be named because the talks are private. While informal discussions with potential buyers have taken place, some within the sovereign wealth fund are opposed to a sale because they consider the company a strategic asset, one of the people said. A final decision will likely be made by President Recep Tayyip Erdogan, who leads the fund’s board.