Freedom Finance buys 10% stake in Kcell

Russian holding company Freedom Finance has acquired a 10.5 percent stake in the Kazakhstan mobile operator Kcell. The market value of the stake is around USD 103 million.  

Kcell confirmed the new shareholder, without providing further details. The news follows a report from Cnews.ru that Telia Company has agreed to sell its stake in Kcell to the Kazakhstan national operator Kazakhtelecom.

Telia owns a 24 percent stake in Kcell and the holding company Fintur holds a 51 percent stake. Fintur in turn is controlled by Telia Company, which owns a 58.5 percent stake in it. Turkcell owns 41.5 percent of Fintur.

Kazakhtelecom recently submitted an application to the national competition watchdog for clearance to acquire a 75 percent stake in Kcell, the Interfax news agency reported.