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Kazakhstan Temir Zholy signs agreement for the sale of 26% stake minus 1 share in Transtelecom JSC

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02.05.2018 00:00

NC Kazakhstan Temir Zholy JSC has signed an agreement for the sale of 26% stake minus 1 share of Transtelecom JSC for KZT 9.45 billion.

The sale of Transtelecom’s shares through an open two-stage bidding was agreed with the State Commission for the Modernization of the Economy of the Republic of Kazakhstan. At the first stage, potential buyers passed qualification selection. Applicants who passed the selection submitted their price proposals in the second stage. The purchase and sale agreement has been concluded and the buyer undertakes to pay the appropriate amount within 90 calendar days.

According to the terms of the open two-stage bidding, the new owner agrees to maintain the profile of the company, as well as ensure fulfillment of obligations under the current collective agreement. Kazakhstan Temir Zholy remains 25% plus 1 share, which allow to influence individual decisions taken by the general meeting of shareholders of Transtelecom.

Transtelecom is one of the largest communication operators in Kazakhstan, specializing in telecommunications, digitalization and system integration in IT, communications, automation and energy. The enterprise was established in 1998 through the reorganization of State branch enterprise “Head Communications Division”. 

The company provides services of local, long-distance and international communication, Internet access, mobile telephone communications and other telecommunication services. Following the results of 2017, the company's revenue reached more than KZT 71 billion, this figure grew by 48% compared to 2016. Net profit of the company increased by 23% and amounted to KZT 5. 331 billion.

 

 

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