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Türk Telekomünikasyon A.Ş. was privatized by the block sale of 55% of its shares in 2005.
Turk Telekom, whose entire shares had previously been owned by the National Treasury, now has been privatized through the block sale of 55% of its shares according the Verdict on the Final Transfer Transactions Regarding the Block Sale of the 55% shares of Turk Telekomünikasyon Anonim Şirketi’s (Turk Telekom) no. 2005/9146 dated 25.07.2005 of the Council of Ministers (*)
According the terms of Law no. 406, the rights and liabilities regarding Turk Telekom’s authorization on the conducting of the telecommunication services has been decided to be determined through the mission agreement and/or mission agreements; and within this framework, the Mission Agreement signed between the Telecommunication Institution and Turk Telekom has been rearranged as the concession agreement between Turk Telekom and the Telecommunication Institution as the public shares in Turk Telekom had decreased to a level below 50%.
In the Additional Clause 17 of the Law no. 406, the government-owned preferred stocks and the authorities related to this stock have been arranged within the capital structure of Turk Telekom. According to this article, within the capital structure of Turk Telekom, there is one preferred stock to grant the rights to the government to speak and consent regarding the decisions to be taken in the authorized commissions, with the purpose of preserving the economic and security benefits of the nation.
The following has been arranged: With the purpose of preserving the national benefits the preferred stock shall have the rights to speak and consent on the principal contract changes, on the transfer of the registered shares with an amount affecting the management control and on the registration of the transfer of the registered shares in the share ledger; there shall be a member representing the preferred stock in the Turk Telekom Board of Directors; this member shall be assigned by the Ministry of Communications, the preferred stock owner shall have the rights to attend the General Assembly and to speak, yet the preferred stock owner shall not attend the capital increases and shall not gain shares from the profit.
Turk Telekom is a joint stock corporate subject to the Law no. 406 and to private law terms, its stock transfer transactions has been completed and it has become privatized; thus, the legislation applied to public agencies and institutes cannot be applied to Turk Telekom.
(*) The satellite communication services and the services provided over the cable TV network previously conducted by Turk Telekom has been separated from Turk Telekom and transferred to Turksat Uydu Haberlesme Kablo TV in accordance with the Law no. 5189 on 16.06.2004 and the Law no. 5335 on 21.05.2005. Therewithal; the sea communication and cruise safety services conducted by the Radio Operation Directorate in service within Turk Telekom has been transferred to the General Directorate of Coast Guard and Salvage, except the sea communication services provided through satellites.