Changes have occurred in the shareholder structure of "Kazakhtelecom." According to information published on the Kazakhstan Stock Exchange website, as of January 1, 2025, Jusan Bank, which held an 8.1% stake in the telecom operator, has exited its shareholder composition. Replacing the financial institution with the same stake is Telecom Systems Ltd.
"In the fourth quarter of 2024, JSC 'First Heartland Jusan Bank' sold its entire stake in JSC 'Kazakhtelecom.' The sale was conducted on market terms to a party not affiliated with the bank," the bank responded to a request from Forbes Kazakhstan, without disclosing further details of the transaction.
According to official sources, the primary activity of the new shareholder of "Kazakhtelecom," Telecom Systems, is focused on telecommunications. The company was registered in Astana in 2024.
JSC 'First Heartland Jusan Bank' acquired an 8.1% stake in the telecom operator in September 2023. Prior to that, the shareholder structure was as follows: the Sovereign Wealth Fund 'Samruk-Kazyna' held 45.90%, the Committee for State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan held 25.42%, and The Bank of New York Mellon DRS (nominee holder) held 8.62%.
According to KASE data as of January 1, 2025, the 'Samruk-Kazyna' fund owns 80.85% of 'Kazakhtelecom' shares, while the private company Telecom Systems Ltd holds 8.1%.