/KASE, June 1, 2021/ – Kazakhtelecom (Nur-Sultan), whose securities are
officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with
the following press release dated June 1, 2021:
quote
In December 2018, JSC Kazakhtelecom acquired 75% of the shares in JSC Kcell
pursuant to a Share Purchase Agreement dated December 12, 2018. In
September 2019, JSC Kazakhtelecom initiated arbitration proceedings in London
Court of International Arbitration based on claims arising out of certain
warranties contained in the Share Purchase Agreement.
In May 2021, the parties to the arbitration reached a settlement agreement
resolving all claims asserted by Kazakhtelecom and in the end of May
Kazakhtelecom has been paid an aggregate settlement in the amount of US$22
million and the proceedings will be dismissed.
Kuanyshbek Yessekeyev, the Chairman of the Board of JSC Kazakhtelecom
stated: "Acquisition of 75% of shares in Kcell had important strategic
significance for us, allowing implementation of a number of projects through
optimization and integration of networks to ensure high quality of service for
all clients. We are pleased that in addition to increasing the operational
efficiency of the mobile operator, as is evident from the results achieved so
far, Kazakhtelecom has also achieved this positive settlement. In future we
also plan to pay great attention to efficiency issues in all aspects of the
activity of Kazakhtelecom Group to protect interests of investors, shareholders
and other interested parties".
unquote
The complete press release is available on KASE website:
-
https://kase.kz/files/emitters/KZTK/kztk_reliz_010621_1.pdf – in Russian;
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https://kase.kz/files/emitters/KZTK/kztk_reliz_010621_eng_1.pdf – in English.
[2021-06-01]