Turkey's sovereign wealth fund is considering a sale of its 26.2 percent stake in Turkcell.

Bloomberg reported that the board of the Turkish Wealth Fund (TWF) is yet to decide on a sale, but has held informal discussions with potential buyers.

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The publication reported that some within the TWF are against a sale as they consider it to be a key strategic asset, noted one of the sources.

A final decision will be made by Türkiye President Recep Tayyip Erdogan, who also leads the fund’s board.

TWF acquired the stake in Turkcell in 2020, giving the company a $7.3 billion market capitalization. During this time, the stock has risen more than 50 percent in dollar terms.

Bloomberg said there's interest in the stake from investors in Azerbaijan and the Arabian Peninsula.

Turkcell is the country's largest telco, with around 42 million subscribers.

Founded in 1994, the company became the first Turkish business to be listed on the New York Stock Exchange.

Earlier this year, Turkcell sold its Ukrainian unit to Xavier Niel's NJJ Capital for more than $500 million.