TURKEY: Bidders queue up to advise telecoms sale

16 December 1994

International consortia are lining up to bid for a contract to advise on the privatisation of Turk Telecom, say Istanbul financial circles. The sale of Turk Telecom, carved out from the giant posts, telephones and telegraphs (PTT) administration, is expected to contribute much of the $20,000 million targeted in privatisation proceeds in 1996.

The consortia have been formed from about 30 banks and other concerns which have expressed an interest in the contract, say the sources. Figuring prominently among them are:

Salomon Brothers, KPMG, and the capital markets operation of Banque Indosuez

JP Morgan with NM Rothschild

SG Warburg and Morgan Stanley

Goldmann Sachs.

Although the fundamental privatisation law was passed recently, a ruling is still awaited from the country's constitutional court later in December which will enable the preparation work to proceed (MEED 16:12:94, Cover Story).

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