Qatar’s Power International Holding, a diversified business conglomerate, will buy Kazakhstan’s Mobile-Telecom Service, a joint company of Tele2 and ALTEL brand, for $1 billion, said Kazakh Minister of Digital Development, Innovation and Aerospace Industry Zhaslan Madiyev on June
According to him, Power International Holding will invest nearly 300 billion tenge (US$651.3 million) in infrastructure, reported Kazinform.
“There are obligations to build base stations and install 5G base stations. This will supposedly increase competition, and competition, as you know, leads to improved quality,” said Madiyev.
On February 14, 2024, the Kazakh investment holding Samruk-Kazyna announced that the telecommunications operator Kazakhtelecom had entered into an agreement to sell one of its mobile assets, Mobile Telecom-Service LLP .The buyer is Qatari holding Power International Holding (PIH).
The decision to sell Mobile Telecom-Service LLP was made on January 20, 2024 at a meeting of the State Commission for the Modernization of the Economy of the Republic of Kazakhstan. The corresponding trilateral agreement was signed in Qatar by Kazakhtelecom, Samruk-Kazyna (is the majority shareholder of Kazakhtelecom JSC) and Power International Holding.
On June 18, 2024, details became known about the sale by Kazakhtelecom of Mobile Telecom-Service, which operates under the Tele2 and Altel brands. The value of the asset, which was acquired by the Qatari holding Power International Holding (PIH), amounted to approximately $1 billion.
Tele2, an international telecommunications company founded in Sweden at the end of 1970, arrived in Kazakhstan in 2011.
ALTEL was the first Kazakh cellular mobile operator founded in 1994.
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Senior Regional Manager Middle East & Africa
2moA good example of when “why” and “what” are not aligned. While most of us understand what they are going to do, a lot of people less familiar with the Middle East don’t grasp why they’re doing it! Investors will buy in when they understand the “why” and not only “what”.