The Turkish Government is pressing ahead with its planned sale of shares in state-owned Türk Telekom, marketing it largely to overseas investors despite them selling $1bn (€640m) more Turkish equities than they bought in the first quarter.

The Government, which will cut its stake in the fixed-line telephone company from 45% to 35% through the offering, has set a price range for the shares of between 3.9 Turkish lira and 4.7 Turkish lira apiece. At the top of the range, the sale would raise 2.5bn Turkish lira (€1.2bn).