Samruk-Kazyna JSC (the Fund) has announced the acquisition of a 10.43% stake in the ordinary shares of Kazakhtelecom JSC (the Company) on the Kazakhstan Stock Exchange (KASE).

As a result of the transaction, the Fund’s ownership of the Company’s outstanding ordinary shares increased from 80.85% to 91.28%.

The decision was made in light of current market conditions, the Company’s investment appeal, and Kazakhtelecom’s updated strategy. The strategy focuses on sustainable value creation through the development and deployment of artificial intelligence technologies and supporting digital infrastructure, as well as the rollout of new digital services.

Kazakhtelecom is currently modernizing its telecommunications infrastructure. The Company has established a high-performance computing cluster, holds a significant share of the media services market, maintains a strong presence in the mobile segment, and offers a broad portfolio of digital services that underpin its long-term growth.

The transaction is intended to consolidate the Fund’s stake during the Company’s growth phase, with a view to a subsequent share offering under more favorable market conditions, thereby creating additional value for investors.

This approach is consistent with the Fund’s long-term strategy and is provided by Resolution No. 894 of the Government of the Republic of Kazakhstan, dated October 24, 2025, which provides for an SPO of Kazakhtelecom by 2029.