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FINANCIAL NEWS
Dubai-Oger to sale USD3.3bn Turk Telekom share
14 Jul 2017
(MENAFN) Some creditor banks of Dubai-Oger Telecom are in talks to sale 55 percent share in fixed-line operator Turk Telekom, after Oger failed to make interest payments on USD4.7bn loan.
Furthermore, the firm missed debt repayments of USD290mn in Sep and March, while Oger is a unit of Saudi Arabian construction giant Saudi Oger.
Additionally, the Turkish government has stepped in and asked banks to fins prospective buyers for the share.
Two overseas investors expressed interest in the share, which is worth almost USD3.3bn and the sale could be finished by end-Sep.
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