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Kazakhtelecom sold 49% in GSM Kazakhstan to Europe

03 february 2012, 15:03
0
Kazakhtelecom HQ. Photo courtesy of vesti.kz
Kazakhtelecom HQ. Photo courtesy of vesti.kz
Kazakhtelecom has closed the deal on selling its 49-percent stake in GSM Kazakhstan (Kcell, Activ, Vegaline trademarks), Tengrinews.kz reports citing the company’s public relations office.

The company sold its stake to the European telecommunications holding TeliaSonera for $1.519 billion. According to the terms of the deal, Kazakhtelecom has the right to receive additional funds in case the prices of GSM Kazakhstan shares exceed the selling price after the IPO.

Chairman of Kazakhtelecom Kuanyshbek Yessekeyev noted that the company was satisfied with the results and the terms of the deal. “The deal helped the company increase its shareholder value. We are counting on further positive reaction of the investors, based on successful results of our strategic investment projects, including the project on construction of LTE (4G) networks,” he said.

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