Millenicom Sale Process Completed

Foreks - The sale process of Millenicom, an internet service provider, to Albaraka Portfolio Management Inc.'s Fourth Mixed Venture Capital Investment Fund has been completed.

SOCAR Turkey, which operates primarily in oil refining, petrochemicals, natural gas, and energy trading, is divesting its telecommunications company Millenicom, which is outside of these core business areas.

As part of this agreement, Millenicom will now serve its customers under the umbrella of Albaraka Portfolio Management Inc.’s Fourth Mixed Venture Capital Investment Fund.

Since 2019, Millenicom has been operating under SOCAR Turkey, providing fast, no-commitment, and unlimited fiber internet service to approximately 400,000 subscribers, sustaining its position as one of Turkey's leading alternative operators. The company is known for offering high-speed and uninterrupted internet services to individual and corporate customers, along with its customer satisfaction-focused approach, earning it a respected position in the industry.

The completion of this sale will contribute to SOCAR Turkey's goal of increasing operational efficiency and achieving sustainable growth by focusing on its core business areas of refining, petrochemicals, and natural gas.