Kcell Confirms Plans to List Shares on Local and London Stock Exchanges
Published on: 13th Nov 2012
Note -- this news article is more than a year old.
Kazakhstan's Kcell has confirmed its long planned intention to list its shares on the London and Kazak stock exchanges by the end of this year.
The offering will comprise the sale of existing shares held by TeliaSonera, in an amount of up to 25% of the shares in Kcell.
Veysel Aral, Chief Executive Officer of Kcell, said: "We are very excited to be listing Kcell both domestically and internationally. This is a significant milestone for our company, which over the past fourteen years has led the formation and development of mobile telephony in Kazakhstan.
For the year ended 31 December 2011, the company generated revenues of KZT 178,786 million (USD1.19 billion). EBITDA for 2011 was KZT 105,794 million (USD706 million), and profit for the year was KZT 66,858 million (US$446.1 million).
Prior to the stock market listing, TeliaSonera held 49% of Kcell directly and 37.9% indirectly through Fintur Holdings, a company jointly owned by TeliaSonera and Turkcell, resulting in a total effective ownership of 86.9%.
TeliaSonera acquired its 49% holding from Kazakhtelecom in 2012 and it was a condition of that transaction that it list a quarter of the company's shares on the stock market.