Baku, Azerbaijan, May 3
By Ali Mustafayev – Trend:
Kazakhstan Railways sold 26 percent minus 1 share of Transtelecom JSC worth 9.4 billion tenge, the press-service of Samruk-Kazyna Fund said in a message.
The sale of Transtelecom's shares through an open two-stage tender was agreed with the State Commission for the Modernization of the Economy of Kazakhstan. The name of the company-buyer has not been disclosed.
At the first stage potential buyers passed qualification selection. Applicants who passed the selection submitted their price proposals in the second stage of the competition. The contract of purchase and sale is concluded and the buyer undertakes to pay the appropriate amount within 90 calendar days.
The buyer of Transtelecom’s shares undertakes to maintain the profile of the company's activities, as well as ensure the fulfillment of obligations under the existing collective agreement.
Kazakhstan Railways left 25 percent plus 1 share, which allow to influence certain decisions taken by the general meeting of shareholders of Transtelecom JSC.
Transtelecom JSC is one of the largest communication operators in Kazakhstan, specializing in telecommunications, digitalization and system integration in IT, communications, automation and energy sectors.
The comapny was established in 1998 by reorganizing the DGP "Head Distance of Communications". The company provides services of local, long-distance and international communication.
At the end of 2017, the company's revenue reached over 71 billion tenge, which was an increase by 48 percent compared to 2016. Net profit of the company increased by 23 percent, in the mentioned period, and amounted to 5.3 billion tenge.
Exchange rate for 3 April, 2018: $1 - 330 tenge
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