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PLUS has welcomed the first Turkish company onto its exchange when shares in telecom and data services provider Telekom Atlas On-Line Turkey started trading on the market.

Telekom Atlas, which provides broadband, web hosting, Internet and fixed line telephony to SMEs in Turkey, did not raise any funds on admission.

The company decided to join the market to provide future access to capital and an acquisition currency. It was valued at some £7 million after its 28 million ordinary shares were valued at 28p.

The Turkish operating company Telekom Atlas was advised on English law by Charles Russell LLP, and this work was led from its Oxford office by partner Peter Elliott.

The practice was charged with handling the verification work on the non-financial aspects of the business plan that had to be filed before the new holding company could start trading on the market.

Elliott said: “We worked in tandem with TEPE, a Turkish law practice in Istanbul, with whom our practice had already worked on telecoms deals. TEPE carried out Turkish legal due diligence and supported the Turkish legal aspects of our verification exercise.”

The company’s corporate adviser was Atlantic Law led by partner Matthew Thompson, who was appointed following an introduction by Telekom Atlas director Ben Weiner.

Thompson said Telekom Atlas is looking to raise funds in the near future which he believes will be successful due its marketability and the strength of its operations. “A full re-structuring was required prior to the listing. Most of the solicitors at Atlantic Law are qualified in multiple jurisdictions and it was necessary to utilise this knowledge in getting the company to a stage where it could be listed.

The company believes the recently de-regulated telecommunications sector in Turkey is ripe with opportunity and, with this listing, the company should be in a position to directly benefit from the resurgence in the Turkish economy,” he added. “The management comprises experienced and motivated individuals who we are informed intend to pursue an aggressive expansion strategy in terms of acquisitions and service offerings.”

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