Türk Telekom decides to establish asset leasing company

ISTANBUL

Türk Telekom has announced that its board of directors decided to establish an asset leasing company.

The new company will be wholly owned by Türk Telekom and have a paid-in capital of at least 250,000 Turkish Liras, the telecom giant said in a filing with Borsa Istanbul.

The asset leasing company is expected to have positive effects on Türk Telekom’s operation, the statement added, without providing further details.

Earlier this month, Türk Telecom announced a decision to establish in Northern Cyprus with a minimum capital of 50,000 euros or equivalent in another currency in order to provide fixed telecommunications infrastructure services.

Türk Telekom and TTNET will respectively hold 99.99 percent and 0.01 percent of shares.

“We aim to strengthen the digital backbone of the Turkish Republic of Northern Cyprus by carrying out a high-speed fiber internet transformation with the planned investment of approximately $100 million,” the company said in a statement.