TeliaSonera and Kazakhtelecom have signed a binding memorandum of understanding whereby the Nordic company will increase its stake in GSM operator Kcell, which will also be listed.
Fintur Holdings, in which TeliaSonera holds a 74% stake directly and…
TeliaSonera and Kazakhtelecom have signed a binding memorandum of understanding whereby the Nordic company will increase its stake in GSM operator Kcell, which will also be listed.
Fintur Holdings, in which TeliaSonera holds a 74% stake directly and indirectly, owns 51% of Kcell, while Kazakhtelecom owns the rest.
Under the MoU, state-owned Kazakhtelecom will sell 24% plus one share to TeliaSonera or Fintur Holdings and the rest of its shares will be sold in an IPO.
In a release, TeliaSonera said that the transactions would be ‘completed at market value’, without elaborating.
No timetable was announced.
According to TeliaSonera’s website, Kcell has 8.9 million subscribers, representing 50% market share. It competes with VimpelCom and Tele2.
Neither TeliaSonera nor Kazakhtelecom was immediately available for comments.
