TeliaSonera to Receive $525 Million from Kazakhstan Listing
Published on: 12th Dec 2012
Note -- this news article is more than a year old.
TeliaSonera has set the price for the stock market listing of its Kazakhstan subsidiary, Kcell and expects to receive USD525 million from the floatation.
The offering consists of a sale by TeliaSonera of 50 million shares, including shares represented by GDRs, representing 25 percent of Kcell's share capital.
The price has been set at USD 10.50 per GDR and KZT 1,578.68 per share with each GDR representing one share. Based on the offer price, Kcell's market capitalization is approximately USD 2.1 billion at listing.
Following the offering, TeliaSonera will directly and indirectly hold an interest of 61.9 percent in Kcell.
"We are very pleased by the positive response from both Kazakh and international investors to the opportunity of investing in Kcell. In a short period of time, and in a relatively tough stock market, we have managed to successfully complete two IPOs. This increases the value of our stakes in both MegaFon and Kcell, which continues to be one of our most valuable subsidiaries and a strategic asset", says Lars Nyberg, President and CEO, TeliaSonera.