Nazarbayev's grandson sells stake in Kazakhstan's Transtelecom

ASTANA. Feb 12 (Interfax) - Nurali Aliyev, grandson of former Kazakh President Nursultan Nazarbayev, has sold his stake in the majority shareholder of JSC Transtelecom, one of Kazakhstan's biggest communications providers.

"After more than 10 years at Transtelecom, I have decided to step down as chairman of the board of directors and exit the shareholder structure following the sale of the company," Aliyev said on Telegram.

Aliyev co-owned Transtelecom via LLP Unit Telecom, which, according to the Kazakhstan Stock Exchange, owns 75% of the operator. The national railway company, Kazakhstan Temir Zholy, owns another 25%. Earlier reports said Nazarbayev's grandson controlled 50% of Unit Telecom.

Aliyev did not give any details about the sale of his stake in Unit Telecom and did not say who bought it.

Transtelecom provides local, long-distance, and international communication services, internet access and mobile services. It is a stakeholder in a project to lay a fiber-optic cable across the Caspian Sea bed between Kazakhstan and Azerbaijan.