Oger Telecom Paid 4.31 billion dollars At Once

Oger Telecom, which chose the installment pay plan under the list of conditions for the Turkish Telecom privatization bid in year 2005, is actualizing a payment of 4.31 billion dollars, thus completing the payment term 4 years prior than planned. Oger Telecom which bought 55% of Turkish Telecom for 6.55 billion dollars had previously made two payments one for 1.31 billion dollars to the Treasury for Turkish Telecom in year 2005, and the other for 1,431 billion dollars including interest in 2006. Oger Telecom informed today that they will pay the whole of the remaining 4.31 billion dollars including interest in advance. Thus Oger Telecom has made a total of 7,055 billion dollars with interest for 55% shares of the Turkish Telecom.

Oger Telecom assembled a press conference, where in relation with the matter Minister of Finance Kemal Unakıtan, Minister of Communications Binali Yıldırım, Undersecretary of Treasury İbrahim Çanakçı, Chairman of Privatization Board Metin Kilci, Oger Telecom Chairman of the Board Mohammed Hariri and Turkish Telecom Executive and Management Board Chairman and General Manager Dr. Paul Doany were present and informed that the debt for Turkish Telecom is paid. The total of 6.55 billion dollars investment maid for Turkish Telecom represents the largest sum of direct foreign investment materialized in Turkey till this date.

Oger Telecom Chairman of Board Mohammed Hariri who made a speech at the meeting said: “When the relationship between the telecommunications sector and the economic growth is considered, it is clearly seen that a successful and profitable Turkish Telecom with its increasing competitive strength is quite important for Turkey’s economy. With this respect I wish to underline once more our undertaking to invest both for Turkey and also for Turkish Telecom which started with the process of privatization. Within the frame of the extensive investment and work plan we have prepared very important steps are being taken geared towards more development and growth of the Turkish Telecom. As Oger Telecom, in order to carry Turkish Telecom which is the largest establishment of Turkey not only amongst this country’s but also amongst the most successful companies of the world by investing in Turkish Telecom employees, administration and technological infrastructure we will continue to compose worthiness both nationwide and internationally.”