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. Last Updated: 07/27/2016

More Rights for Alfa in Turkcell

ISTANBUL -- Alfa Group, which has agreed to lend $3.3 billion to the controlling shareholder of Turkey's Turkcell Iletisim Hizmetleri, will have a say in appointing one independent director to the company's board.

That appointment will be agreed on between Alfa and Turkey's Cukurova group, the main shareholder in Turkcell, Alfa said in a filing with the Istanbul Stock Exchange on Wednesday.

That comes in addition to the two seats on the seven-member board that Alfa will get under its accord with Cukurova, the Russian company said.

Alfa will own 13 percent of Turkcell, Turkey's largest mobile phone company, after lending Cukurova Group the money to help it repay $5 billion of debt.

Cukurova agreed on the Alfa deal after dropping plans to sell a controlling stake in Turkcell to Sweden's TeliaSonera.

The Nordic operator already owns 37 percent of Turkcell and has two board seats.

Wednesday's statement is "another inconclusive announcement; they're still not giving away the exact structure of the board, and we're kept guessing," said Ayse Kanioz Moroz, head of research at Raymond James Securities in Istanbul.

TeliaSonera has asked Turkish and international courts to halt the transfer of shares to Alfa, saying it has a prior right on any Turkcell shares to be sold by Cukurova.