Jusan Bank Buys Kcell Shares

Jusan Bank now controls 24% of Kcell, a Kazakhstani mobile operator. The company’s shares have been traded on Kazakhstan Stock Exchange (KASE).

According to Aibek Kaiyp, the chairman of Jusan Bank’s board, the deal is part of the bank’s strategy to develop high-end tech platforms.

«This deal offers Jusan new opportunities in developing its banking ecosystem via the synergy of mobile and finance technologies. It is going to help us to add some new unique digital products into the list of our services,» he said.

The bank also noted that all shares were bought through open and competitive trading on KASE. However, the bank’s representatives refused to provide more details on the issue. «So far, there is no additional information,» the bank’s representative told the Kursiv edition.

Kazakhtelecom, an owner of the Kcell company, had planned to sell 24% of the mobile operator to a wide range of investors on KASE.

As the Kcell financial reports show, in the first half of this year the company’s revenue on a year-to-year basis rose by 20% to $108.4 million; EBITDA rose (one-time expenditures are not included) by 18.5% to $45.5 million; net revenue rose almost threefold to $19.2 million. Moreover, the company was able to increase its revenue from services by 17.3% to $90 million, which it’s proud of the most.

Kcell is a public company in Kazakhstan that provides mobile voice communication services, internet access and content to several million local clients. It operates two brands: Kcell (its target audience is the corporate sector) and Activ, which is focused on a wide market. The company has built a massive infrastructure that helps people all over the country to stay connected.