Azerbaijan, Baku, Dec. 12 / Trend E. Kosolapova/
Kcell the leading provider of mobile telecommunications services in Kazakhstan by market share in terms of revenue and subscribers as at 30 September 2012, announced the pricing of the offering of its common shares on Kazakh Stock Exchange KASE and global depositary receipts on London Stock Exchange, the company reported on Wednesday.
The price has been set at $10.50 per GDR and 1,578.68 tenge (150.35 tenge = $1) per share based on the weighted average Kazakhstan tenge/U.S. dollar exchange rate. Each GDR represents an interest in one Share.
The total size of the Offering is $ 525 million.
The offer price implies a market capitalisation of Kcell of $ 2.1 billion (315.7 billion tenge) at listing.
The Offering consists of a sale by Sonera Holding B.V., a wholly-owned subsidiary of TeliaSonera AB, of 50 million of the company's common shares, including shares represented by GDRs, representing 25 percent of the company's share capital. As at the date of this announcement, the company's issued and outstanding share capital consisted of 200 million common shares.
Following the offering, TeliaSonera will hold directly and indirectly 61.9 percent of the company's common shares.
Conditional dealings in the GDRs on the LSE are expected to commence today. Admission of the GDRs to the official list of the UK Listing Authority and unconditional dealings of the GDRs on the LSE's International Order Book under the symbol "KCEL" are expected to take place on 17 December 2012. Admission of Shares to trading on the KASE under the symbol "KCEL" is expected to take place on 13 December 2012.
Sonera Holding B.V. has granted the bookrunners a put option for 5 million GDRs exercisable for a period of up to 30 calendar days from the commencement of conditional dealings on the LSE to sell to Sonera Holding B.V. up to such number of GDRs which have been purchased in the market as a result of stabilization activities.
Credit Suisse, UBS Investment Bank and Visor Capital are acting as joint global coordinators and joint bookrunners of the Global Offer. Renaissance Capital is acting as a joint bookrunner and Halyk Finance is acting as a co-manager of the Global Offer. The Domestic Offer is being led by Visor Capital.
Kcell has operated in Kazakhstan since 1998, and as of 30 September 2012 it had approximately 12.7 million subscribers, representing a market share of 47.7 percent, as estimated by the Company. Its estimated market share in terms of revenue was 57 percent for the year ended 31 December 2011.