KUALA LUMPUR, Jan 17 (Bernama) -- Power International Holding (PIH), a globally recognised Qatari-based conglomerate, has officially completed the acquisition of Mobile Telecom-Service LLP (MTS) from Kazakhtelecom JSC, securing full ownership of the company.
This follows the initial agreement signed on Feb 14, 2024, in Doha between PIH, Kazakhtelecom, and the sovereign wealth fund Samruk-Kazyna, as well as the signing of the definitive sale and purchase agreement on June 4, 2024.
PIH chief executive officer (CEO) of the Telecom Group, Mikhail Gerchuk said this acquisition is part of the company’s effort to enhance the customer experience and drive the growth of Kazakhstan’s technology sector.
“Along with PIH’s portfolio that includes artificial intelligence (AI)-powered applications, cloud analytics, robotic process automation, and AI-enhanced customer experiences, we are committed to positioning Tele2 as a telecom and digital champion in Kazakhstan,” he said in a statement.
Meanwhile, Kazakhtelecom CEO, Bagdat Mussin valued the successful completion of the transaction, stating that this transaction marks a key milestone in MTS’s strategic development and sets the stage for sustained growth and value creation.
“I am also proud of the work that the MTS team has achieved under our leadership and pleased to pass the baton to PIH to develop MTS’ work further and with greater focus, supporting the digital transformation of Kazakhstan,” said Mussin.
MTS, known for its prominent brands Altel and Tele2, is Kazakhstan's leading provider of 5G services. Established in 2004, MTS has around 2,000 employees and more than 140 retail outlets, offering a broad range of telecommunications and digital services.
The telecom industry in Kazakhstan, with its 20.2 million people and high penetration rates of mobile and internet usage, is experiencing robust growth as consumer demand for advanced connectivity and digital services continues to rise.
-- BERNAMA
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