According to Reuters on Tuesday, Kazakhtelecom, Kazakhstan’s leading telecommunications company announced the sale of its mobile communications subsidiary Mobile Telecom Services (MTS) to Qatar’s Power International Holding(PIH) for $1.1 billion.
Kazakhstan’s digital development minister, Zhaslan Madiyev, confirmed that the new investor would also commit to expanding the MT-S network. This deal marks a significant investment in the nation’s telecom infrastructure.
In February, Power International Holding committed to acquiring Mobile Telecom Services (MT-S) from Kazakhtelecom as part of a series of contracts between Qatari companies and Kazakh entities.
The state-controlled Kazakhtelecom shareholders approved the sale, although the sale price had just been disclosed earlier this month.
Kazakhtelecom holds over 60% of Kazakhstan’s mobile communications market through its MT-S and KCell subsidiaries.
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