Kazakh operator Kcell today announced details of its listing at London’s LSE and the Kazakhstan Stock Exchange (KASE). The company intends to list up to 25% of shares currently held by TeliaSonera.
The shares will be offered as global depositary…
Kazakh operator Kcell today announced details of its listing at London’s LSE and the Kazakhstan Stock Exchange (KASE). The company intends to list up to 25% of shares currently held by TeliaSonera.
The shares will be offered as global depositary receipts and a concurrent domestic offering in Kazakhstan in the form of shares.
Veysel Aral, chief executive officer of Kcell, told TelecomFinance that the company aims for the IPO to take place before the end of the year, subject to market conditions.
The vast majority of shares will be listed at LSE, Aral said, and a smaller amount – less than a fifth of the shares — will be listed at KASE.
The company’s board of directors has adopted a dividend policy to distribute at least 70% of profits to shareholders, Aral noted.
In January Swedish TeliaSonera acquired a 49% stake in Kcell for US$1.52bn, thereby increasing its direct and indirect ownership to 86.9%. TeliaSonera said at the time already that it intends to IPO 25% of its shares in Kcell at a later date.
Following the IPO TeliaSonera will remain to hold a controlling majority stake of at least 62% in the operator.
In 2011 Kcell generated revenues of US$1.2bn, and reported an EBITDA of US$706m and profits of US$446.1m
