Board of Directors of Kazakhtelecom made decision to sell 24 % of Kcell shares by selling to broad range of investors on KASE

30.09.21 10:57
/KASE, September 30, 2021/ – Kazakhtelecom (Nur-Sultan), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated September 30, 2021: quote The Board of Directors of Kazakhtelecom JSC decided to sell the stake in Kcell JSC and according to the Company’s management it will create additional prerequisites to increase the shareholder value by monetizing 24% of Kcell share. The implementation method is a sale to a wide range of investors at open auctions on Kazakhstan Stock Exchange. The sale of 24% Kcell JSC shares will attract long-term capital to further develop Kazakhtelecom JSC Group of Companies, increase its market value and profitability, create additional conditions for the investment activity of Kazakhtelecom JSC Group of Companies, as well as partially reduce the shares of quasi-public sector entities in the economy and have a positive impact on Kazakhstan stock market, that should be positively perceived by the market and society. At the same time, Kazakhtelecom JSC will retain the control over Kcell JSC and will continue to manage Kcell JSC using majority shareholder rights, while Kcell JSC can enjoy all the benefits of the partnership with Kazakhtelecom JSC Group of Companies, certainly continuing to comply with all the requirements of antimonopoly legislation. unquote The complete press release is available on KASE website: - – in Russian; - – in English. [2021-09-30]