TeliaSonera raised US$525 million (approximately SEK 3.5 billion) in proceeds from the sale of 50 million shares in Kcell, the leading provider of mobile communications services in Kazakhstan. Following the offering, TeliaSonera will directly and indirectly hold an interest of 61.9 percent in Kcell.
Kcell priced its share offering at USD 10.50 per GDR and KZT 1,578.68 per common share and that trading will on Thursday. Based on the offer price, Kcell’s market capitalization is approximately USD 2.1 billion at listing.
“We are very pleased by the positive response from both Kazakh and international investors to the opportunity of investing in Kcell. In a short period of time, and in a relatively tough stock market, we have managed to successfully complete two IPOs. This increases the value of our stakes in both MegaFon and Kcell, which continues to be one of our most valuable subsidiaries and a strategic asset”, says Lars Nyberg, President and CEO, TeliaSonera.
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