On Tuesday, Kazakhstan’s government announced that Kazakh Telecom will be selling its subsidiary Mobile Telecom Services (MT-S) to Qatari company Power International Holding for $1.1 billion. The Minister of Digital Development, Zaslan Madeev, stated that the new investor has committed to expanding the MTS network.
The sale of MT-S was approved by shareholders of Kazakh Telecom earlier this month, although the exact value of the deal was not disclosed by the company. Kazakh Telecom currently holds over 60 percent of the mobile communications market in Kazakhstan through its two subsidiaries, MT-S and KCELL.
The expansion plans announced by Power International Holding are expected to bring significant investment to Kazakhstan’s telecommunications industry and create more job opportunities for local residents. The sale of MT-S is seen as a positive development for Kazakhstan’s economy and will help to further develop the country’s digital infrastructure.
