Qatari holding plans to acquire Mobile Telecom Service from Kazakhtelecom

ASTANA. Feb 14 (Interfax) - The Qatari Power International Holding plans to acquire Mobile Telecom Service from Kazakhtelecom, Kazakh National Wealth Fund Samruk-Kazyna's press service said.

"An agreement on telecommunications cooperation was signed by Samruk-Kazyna, Kazakhtelecom and the Qatari Power International holding WLL. Power International Holding plans to acquire Mobile Telecom Service, which belongs to Kazakhtelecom," Samruk-Kazyna said.

The agreement was signed during Kazakh President Kassym-Jomart Tokayev's visit to Qatar.

Discussions about the need for Kazakhtelecom to dispose one of its two telecom operators have been ongoing for a long time. Initially, Digital Development Minister Bagdat Musin said the process would be completed by the end of 2023. However, he later said the procedure would take a year and would be wrapped up during 2024.

Kazakhtelecom is the leading communication operator in Kazakhstan. It owns 51% of Kcell and 100% of Mobile Telecom Service.

Kazakhtelecom consolidated 100% of Mobile Telecom Service LLP in 2019 after Sweden's Tele2 decided to leave the Kazakh market and sold it 49% of the mobile operator's shares.

The main shareholders of Kazakhtelecom, according to data from January 1, 2024 on the Kazakhstan Stock Exchange, are the National Wealth Fund Samruk-Kazyna with 71.32% and First Heartland Jusan Bank with 8.1%.