The government of Kazakhstan said on Tuesday that Kazakh Telecom will sell Mobile Telecom Services (MT-S), one of its two subsidiaries for mobile communications services, to the Qatari company Power International Holding for $1.1 billion.
“The new investor will also commit to expanding the MTS network,” said Zaslan Madeev, Minister of Digital Development of Kazakhstan.
Shareholders in state-owned Kazakh Telecom approved the sale this month, but the company did not disclose the value of the deal.
Kazakh Telecom controls more than 60 percent of the mobile communications market in Kazakhstan through its two subsidiaries, MTS-S and KCELL. (Reuters)