Jusan Bank sells 8.1% stake in Kazakhtelecom to Telecom Systems Ltd

ALMATY. Jan 24 (Interfax) - First Heartland Jusan Bank JSC has disposed of its holding in Kazakhtelecom, the telco said in a Kazakhstan Stock Exchange (KASE) filing.

The bank's stake in Kazakhtelecom was zero as of January 1. Jusan Bank sold its 8.1% stake Kazakhtelecom to Telecom Systems Ltd.

The press service of Jusan Bank told Interfax that the deal was closed in October-December last year.

"In the fourth quarter of 2024, First Heartland Jusan Bank JSC sold all its shares in Kazakhtelecom JSC. The shares were sold on market terms to a party unrelated to the bank," the press service of the bank said.

Other details of the deal were not disclosed. The deal was for 983,350 ordinary shares, and their value on KASE in the fourth quarter ranged from 37,500-43.800 tenge per share, the price of the deal could have been 36.9-43.1 billion tenge.

Jusan Bank became a shareholder of the telecom operator in the second half of 2023, purchasing 8.1% of its shares on the open market. Commenting on the deal, the bank said at the time that owning shares in Kazakhtelecom was part of its strategy to build a highly digital financial institution.

Kazakhtelecom is the leading communication operator in Kazakhstan holding a dominant position on the domestic market of telecommunication services. Kazakhtelecom owns a 51% holding in Kcell mobile operator and a 100% stake in Mobile Telecom Service LLP. As at January 1, 2025, the major shareholders of Kazakhtelecom were Kazakhstan's Sovereign Wealth Fund Samruk-Kazyna (71.32%) and private company Telecom Systems Ltd (8.1%).

According to open sources, Telecom Systems Ltd was registered in Astana as a company focused on wired telecommunications. Its director is Nurlan Artykbayev, who is reported to be the founder and head of construction company Qazaq Stroy and the founder of Qazaq Kalium Ltd.