Large Kazakh bank sells stake in telecom company – diplomat

Just a year ago, Jusan Bank, one of the largest lenders in Kazakhstan, Bought a stake in Kcell, one of the country’s largest operators, is on a shopping spree in mobile communications projects. Now, she plans to sell it.

The largest contributors to Kcell are Kazakhstan Telecom (51 percent), Pioneer Technologies (14.87 percent), Gusan Bank (9.08 percent), and Kazakhstan Pension Fund (7.07 percent).

Kazakh Telecom Sold 24 percent stake for Jusan and Pioneer in September 2021. Pioneer, registered in Luxembourg, is linked to Jusan because both ownership structures Back to the Nazarbayev Foundationa foundation established by former President Nursultan Nazarbayev.

The deal was later Criticize By a lobby group operating on behalf of minority shareholders in Kazakhstan, the announcement of the sale led to a significant price drop in the weeks before the deal was completed.

Kcell used to be the local brand name of Nordic telecom giant TeliaSonera, which Poorly owned by many mobile service providers across Central Asia in which she was involved corruption scandals. Through Rodnik, an investment vehicle, TeliaSonera also owns KazTransCom, a large telecom services provider. In 2018, Telia sold its shares to a group of companies said to be close to Timur Kulibayev, one of the country’s richest businessmen and Nazarbayev’s son-in-law.

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In early 2021, KazTransCom, a subsidiary of the bank, was acquired by Jysan Ventures, in a move to invest in mobile financial services. (Note: Jusan Bank and its affiliates also use the spelling Jysan and Jýsan.)

In May 2022, Jusan paid about 200 million tenge ($410,000) as a result of lawsuit by the Consolidated Pension Fund, which accused the bank of paying below the market price of the shares at the time of the transaction with KazTranscom.

It seems that Josan’s investment in telecom services was the same A step to catch up with Kaspifintech giant Listed in London in late 2020.

On September 12, Jusan Bank announced planning to sell Its 9.08 percent stake in Kcell.

Nordaulet Aidosov, the bank’s chairman, said the country’s sovereign wealth fund Samruk-Kazyna was among a few interested parties that made an offer.

“we give [Samruk-Kazyna] We prefer, because we value corporate governance, internal policy, development strategy and reforms,” Aydosov said at A Press Conference. While he refused to comment on the financial details of the deal, he stressed that “the deal will be beneficial to both parties.”

Samruk-Kazyna already owns 51 percent in Kazakhstan Telecom, the majority shareholder of Kcell. Between 2018 and March 2022, Nazarbayev’s nephew, Kairat Satybaldi owned 24 percent stake in Kazakhstan’s Telecom through a company registered in Luxembourg.

In explaining Satibaldi’s arrest in March, the Anti-Corruption Agency stated that his arrest is linked to Alleged embezzlement on Kazakhstan Telecom account. In April, Satibaldi Renounce His Kazakh origins of communications, which returned to the hands of the state.

Speaking at Gozan’s press conference in September, Aidosov also transparently admitted that Kcell is the bank’s largest borrower, having secured a three-year loan of 60.5 billion tenge ($130 million) in late 2021. The credit line amounted to about 29 percent of the assets of the bank. Kcell.

A few days ago, a Bloomberg The report quoted sources close to the deal as saying the sale would “reflect the controversial privatization of Kcell, which has been marred by suspected stock price manipulation”.

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Despite his youth on paper, Goosan’s history goes back several decades.

With the support of the Nazarbayev Foundation, in February 2019, a financial company known as First Heartland Securities bought Tsesnabank, which was then the third largest lender in the country. The name of the bank was later changed to Jusan.

In 2018 and early 2019, Tsesnabank received a government rescue With a total value of $3.4 billion. In March 2019, Nazarbayev unexpectedly Resigned After three decades in power.

In 2020, Jusan announced purchase intent Average Volume ATF Bank, deal that Closed before the end of the year.

Having grown in size while the government helped him clean up his toxic assets, Gosan seemed ready to venture into a range of innovative services in Kazakhstan’s financial sector. Kcell’s divestment appears to be a step backwards, although the bank’s indications are that it continues to penetrate the market.

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