Kazakh operator Kcell (LSE:KASE) has entered into a KZT17bn (US$63m) credit agreement with Kazkommertsbank.
Kazakh operator Kcell (LSE:KASE) has entered into a KZT17bn (US$63m) credit agreement with Kazkommertsbank.
The London-listed telco said the loan, signed following a board meeting on 22 September, would be used to finance working capital.
Kcell has also increased the size of its credit facility with Altyn Bank from KZT2.2bn (US$8m) to KZT3bn (US$11m), also extending the line for another 12 months. Kcell drew KZT800m (US$3m) from the facility last week.
The Almaty-based operator is currently up for sale after TeliaSonera, which indirectly controls Kcell through Fintur Holdings, decided to leave Eurasia earlier this month. Turkcell, the minority shareholder in Fintur, has said it is exploring the possibility of taking control of the vehicle.
The largest operator in Kazakhstan, Kcell in its Q2 results reported 10.7 million subscribers, the majority of which use prepaid services.