Jusan Bank revealed it received offers for its 9.08% stake in Kazakhstani operator Kcell, and is considering a sale to National Welfare Fund Samruk-Kazyna, Kursiv Media reported.
Jusan Bank CEO Nurdaulet Aidosov highlighted the fund is an attractive offer due to its system of corporate management, internal policies and future plans with the shares. He did not detail the fund’s strategy.
The chief executive added details of a potential deal will not be disclosed and no final decision has been set in stone as of yet.
Jusan Bank will continue its strategy of intertwining finance and telecommunications even if shares in Kcell are sold off, said Aidosov.
The bank acquired shares in Kcell in September 2021 to develop new growth channels by tapping into mobile technologies, reported Kursiv Media. Mobile technology has been utilised effectively in developing markets in Africa to deliver financial solutions such as mobile money.
State-owned operator Kazakhtelecom holds a 51% stake in Kcell, Luxembourg-based Pioneer Technologies has a 14.87% share, and the National Pension Fund has 7.06%.