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The Swedish telecommunications company Telia has announced that it is engaging in negotiations to sell its 47 percent stake in Turkey’s major mobile operator Turkcell to the Turkey Wealth Fund (TVF). 

Telia said in a statement that the negotiations have reached an advanced stage but an official agreement has not yet been made. 

The stake is planned to be sold for $530 million. Turkcell Holding is owned by Telia and two other companies, and the holding controls 51 percent of Turkcell’s shares. 

The TVF was established in 2016, is run by the government and is in control of all or partial shares in a variety of state companies, including the postal service (PTT) the Turkish State Railways (TCDD), Turkish Airlines (THY) and the tea producer Çaykur. 

Opposition politicians have recently criticized the TVF as a number of the companies that were previously profitable have posted massive losses after being taken over by the fund. 

President Recep Tayyip Erdoğan and his son-in-law, Finance Minister Berat Albayrak, are on the board of the TVF.