JPMorgan has reopened American Depositary Receipt (ADR) issuances and cancellations for Turkcell Iletisim Hizmetleri A.S., effective 17 May. Turkcell is the leading mobile communications provider in Turkey.
Since January 2006, depositary receipt issuance and cancellation activity for all Turkish DR programs had been halted following the introduction of a new Turkish tax regime.
With the Turkcell program books now reopened, JPMorgan is currently the only depositary bank with a DR program open for issuances and cancellations in Turkey.