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Kazakhtelecom has announced the timeline for finalizing the sale of Tele2 to a Qatari investor.

Kazakhtelecom has announced the timeline for finalizing the sale of Tele2 to a Qatari investor.

"Kazakhtelecom" anticipates the completion of the sale of LLP "Mobile Telecom-Service" (MT-S, brands Tele2/Altel) to the Qatari Power International Holding (PIH) within one year after September 30, 2024. As of that date, "not all conditions within the agreement for the sale of MT-S have been fulfilled." Therefore, the telecom "parent" retains control over its mobile "subsidiary," although in "Kazakhtelecom's" financial reports, MT-S's assets and liabilities are already classified as intended for sale.

Previously, various timelines for the completion of the deal were mentioned. For instance, in mid-February 2024, Kuanishbek Esekeev, who was then the chairman of the board of "Kazakhtelecom," stated that it would take three to four months (implying the deal should be completed by mid-May to mid-June 2024). In mid-September 2024, at a Majilis meeting, Vice Prime Minister and Minister of National Economy Nurlan Baibazarov indicated September as the expected timeframe. In October, the new head of "Kazakhtelecom," Bagdat Musin, informed journalists that the sale is planned to be completed by the end of 2024. The financial report of "Kazakhtelecom" for January–June 2024 also indicated a timeframe of "within one year after the reporting date" (i.e., after June 30, 2024).

As of September 30, 2024, the assets of MT-S intended for sale are valued at 545.07 billion tenge, with liabilities amounting to 170.9 billion tenge. Over the nine months of 2024, the company generated a gross profit of 104.3 billion tenge, of which 86.4 billion tenge was operating profit.

LLP "Mobile Telecom-Service" is a 100% subsidiary of "Kazakhtelecom." The announcement of its acquisition by Qatari Power International Holding was made on February 14, 2024, when the group of JSC "Samruk-Kazyna" and PIH signed a cooperation agreement in the telecommunications sector in the presence of the President of Kazakhstan and the Emir of Qatar. The decision to divest 100% of the equity stake in MT-S and exit the list of participants through the sale of the stake to PIH was made by the shareholders of "Kazakhtelecom" on April 30, 2024. On June 4, the "Kazakhtelecom" group entered into an agreement with PIH's subsidiary—PIH Interconnect Ltd.—for the sale of MT-S. In mid-June 2024, the head of the Ministry of Digital Development, Innovations, and Aerospace Industry, Jaslan Madiyev, specified the deal's value: approximately $1 billion (1.1 billion tenge, as clarified later).