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TeliaSonera to increase its stake in GSM Kazakhstan

18 october 2011, 17:35
0
Chairman of Kazakhtelecom Kuanyshbek Yessekeyev. Photo ©Yaroslav Radlovskiy
Chairman of Kazakhtelecom Kuanyshbek Yessekeyev. Photo ©Yaroslav Radlovskiy
One of the leaders of the cellular markets in Sweden and Switzerland TeliaSonera will increase it's stake in GSM Kazakhstan Kazakhtelecom, Tengrinews.kz reports citing public relations department of Kazakhtelecom.

Kazakhtelecom and Telia Sonera AB signed a memorandum of understanding related to the intention of Kazakhtelecom to make a public offering of GSM Kazakhstan Kazakhtelecom's stock.

The Kazakh company noted that the planned IPO will promote further development and revival of the country's stock market.

“The conditions of the memorandum provides for placement of Kazakhtelecom stock through the IPO, except for the package '24%+1 share' that will be sold to Telia Sonera or Fintur Holdings B.V. owned by Telia Sonera and the current shareholder of GSM Kazakhstan Kazakhtelecom,” the message states.

The actions set forth in the memorandum will be performed after certain conditions agreed upon by the parties are met. Kazakh company explained that amid escalating competition Kazakhtelecom is planning to also focus on development of its own cellular niche.

“Considering the forecasts based on the telecommunication analysts, Kazakhtelecom is already preparing to switch to new generation communication standards (4G). From this point of view, sale of the package is a logical step in implementation of our own mobile strategy. We suppose that the terms of the memorandum are quite beneficial for both parties,” chairman of Kazakhtelecom Kuanyshbek Yessekeyev said.

Сurrently 51 percent of GSM Kazakhstan Kazakhtelecom is owned by Fintur Holdings B.V. and 49 percent by Kazakhtelecom. 58.55 percent of Fintur Holdings B.V. is owned by Telia Sonera, 41.55 percent by Turkcell.

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