StockMarketWire.com - Kcell confirmed Wednesday that Telia Company and Fintur had agreed to sell their 75% stake in the company to Kazakhtelecom JSC.
Following Kcell's IPO at the end of 2012, Telia had owned a 24% stake in the Kcell as well as a further holding of 58.55% through its stake in Fintur, which had owned 51% of Kcell.
Telia Company had also signed an agreement to acquire Turkcell's share in Fintur in a separate transaction to become the sole shareholder of the company, which enabled Telia to repatriate cash from Fintur, Kcell said.
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