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12 Oct 2004 Turkey's Turkcell has issued an update on the approval process of its GSM license agreement in Iran. Previously, Turkcell announced that although the GSM license agreement was signed between Irancell, the company that would carry out the GSM operations in Iran, and the Iranian government, Irancell would not become a licensed GSM operator until the license fee of EUR300 million was paid. Following talks between Turkcell and Iranian officials, Turkcell has been informed that the Iranian Parliament has clarified that the Iranian law, which requires the approval of Parliament for investments with more than 50.1% foreign ownership, is applicable to Turkcell's GSM investment in Iran. Accordingly, Irancell must receive the Iranian Parliament's approval prior to the payment of the EUR300 million of license fee in order to become the second licensed GSM operator in Iran. Turkcell will make a further announcement once the GSM license has been transferred to Irancell.
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