In our latest publication, we spotlighted 10 Stocks Hammered Harder than Wall Street. Notably, Turkcell Iletisim Hizmetleri AS (NYSE:TKC) emerged as one of the day’s biggest losers.
On Tuesday, Turkcell Iletisim Hizmetleri AS (NYSE:TKC) suffered a substantial decline, with its share price falling by 6.26 percent to close at $5.54, as investors moved to liquidate their holdings ahead of an imminent tender for 5G frequency development in Turkey.
The Information and Communication Technologies Authority (ICTA), which is state-owned, is set to conduct a tender on Thursday, October 16, inviting mobile operators to provide 5G services starting in April 2026.
This tender will also include the renewal and extension of current licenses slated to expire in 2029. Once these licenses expire, the telecommunications operators’ infrastructures and services will come under a new regulatory regime.
Last month, Turkcell Iletisim Hizmetleri AS (NYSE:TKC) indicated its intention to take part in the bidding, in competition with others like Turk Telekom and Vodafone.
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According to Turkey’s Minister of Transport and Infrastructure, Abdulkadir Uraloglu, mobile operators will have access to 11 distinct frequency packages, with a minimum allocation value of $2.125 billion for a total of 400 MHz across the 700 MHz and 3.5 GHz frequency bands.
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Disclosure: None. This article originally appeared on Insider Monkey.
