Turkcell (TKC) Drops 6% Ahead of Govt 5G Frequency Tender

We recently published 10 Stocks Hammered Harder than Wall Street. Turkcell Iletisim Hizmetleri AS (NYSE:TKC) is one of the worst performers on Tuesday.

Turkcell Iletisim Hizmetleri AS (NYSE:TKC) saw its share prices drop by 6.26 percent on Tuesday to close at $5.54 apiece as investors sold off positions ahead of an upcoming tender for the development of 5G frequency in Turkey.

State-owned Information and Communication Technologies Authority (ICTA) is scheduled to hold a tender on Thursday, October 16, for mobile operators to offer 5G services beginning April 2026.

Part of the tender would include the renewal and extension of existing licenses that are scheduled to expire in 2029. Upon expiry, telco operators’ infrastructures and services will then be subject to a new authorization regime.

Turkcell Iletisim Hizmetleri AS (NYSE:TKC) last month expressed its interest in participating in the bidding, alongside its competitors, Turk Telekom and Vodafone.

According to Turkey’s transport and infrastructure minister, Abdulkadir Uraloglu, a total of 11 different frequency packages will be allocated to operators, which will be held at a minimum value of $2.125 billion for a total of 400 MHz of frequency in the 700 MHz and 3.5 GHz frequency bands.

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Disclosure: None. This article is originally published at Insider Monkey.