Doha, Qatar – Power International Holding (PIH), a globally recognized Qatari-based conglomerate, has officially completed the acquisition of a 100% participatory interest in Mobile Telecom-Service LLP (MTS) from Kazakhtelecom JSC.

This acquisition follows the initial agreement signed on February 14, 2024, in Doha between PIH, Kazakhtelecom, and the sovereign wealth fund Samruk- Kazyna as well as the signing of the definitive sale and purchase agreement on June 4, 2024.

MTS, known for its prominent brands Altel and Tele2, is the country's leading provider of ultrafast 5G connectivity. Established in 2004, MTS employs around 2,000 staff and operates over 140 retail stores. The company offers a comprehensive range of telecommunications and digital services, making it a cornerstone of Kazakhstan's telecommunications landscape.

With Kazakhstan’s population of 20.2 million and high penetration rates of mobile and internet usage, the telecom industry is experiencing robust growth, driven by increasing consumer demand for enhanced connectivity and digital services.

Mr. Moutaz Alkhayyat, Chairman of PIH, highlighted the strategic significance of this acquisition: "This acquisition is part of our expansion strategy in the Republic of Kazakhstan. Kazakhstan offers a dynamic investment landscape, marked by its strategic location, rich resources in addition to its commitment to fostering a favorable business climate, alongside an increasingly diversified economy. Kazakhstan's resilience and openness to innovation make it an attractive destination for sustainable growth and long- term investments.".

Mr. Bagdat Mussin, CEO of Kazakhtelecom, valued the successful completion of the transaction: " This transaction represents a significant milestone in MTS’s strategic evolution and positions it for continued growth and enhanced value creation. I am confident that such a reputable international strategic investor as Power International Holding will make every effort for the further development and prosperity of not only MTS but also the entire mobile telecommunications industry in Kazakhstan bringing innovation, high-quality service standards, strengthening competition and setting new benchmarks. I am also proud of the work that the MTS team has achieved under our leadership and pleased to pass the baton to PIH to develop MTS’ work further and with greater focus, supporting the digital transformation of Kazakhstan.”.

Mr. Ramez Alkhayyat, President of PIH, added: "Power International Holding's telecommunications group is a key component of the Company's strategic growth. Through this acquisition, we aim to significantly contribute to the development of the telecommunications and technology sectors, offering innovative solutions that will enhance the digital experience in Kazakhstan. At PIH, we are strategically investing in this sector and contemplating  several options around the world positioning ourselves at the forefront of innovation and meeting the growing demand for technology-driven solutions.”

Mr. Mikhail Gerchuk, CEO of the Telecom Group at Power International Holding (PIH), commented:” Through this acquisition we aim at improving the customer experience and accelerating the growth of the technology sector in Kazakhstan. Along with PIH’s portfolio that includes AI-powered applications, cloud analytics, robotic process automation, and AI-enhanced customer experiences, we are committed to positioning Tele2 as a telecom and digital champion in Kazakhstan.”

About Power International Holding

Power International Holding (PIH) is a premier global enterprise headquartered in Qatar, recognized for its diversified portfolio and strategic contributions across 14 key sectors. With operations spanning Energy, Concessions, and Construction; Healthcare and Professional Services; Real Estate Development; Telecommunications, Media, and Technology; Agriculture and Food Industries; and Lifestyle.

PIH is committed to driving innovation and delivering sustainable value worldwide.

Supported by over 65,000 professionals representing 91 nationalities, PIH has successfully delivered more than 1,250 projects in 19 countries, shaping industries and advancing global development.

Guided by its vision to create a brighter future from Qatar to the world, PIH upholds the highest standards of quality, resilience, and leadership in every endeavor. The group remains dedicated to fostering innovation, developing future leaders, and preserving its legacy of excellence.

For more information, visit www.powerholding-intl.com.

About Kazakhtelecom

JSC "Kazakhtelecom" is the largest telecommunications company in Kazakhstan, providing broadband internet, interactive television, mobile communication, local and long-distance telephone services, and cloud services.

Kazakhtelecom's main competitive advantage is its developed and robust infrastructure, which includes over 88,000 km of fiber-optic networks across the country, as well as an extensive mobile network.

Kazakhtelecom is a system-forming company in Kazakhstan's digital economy, recognized for its unparalleled contribution to innovation, quality, and sustainable growth. With a long history, the company has successfully raised the country's connectivity and technological capabilities to new heights. By implementing advanced 5G technologies, expanding access to high-speed internet, and maintaining global service quality standards, Kazakhtelecom has strengthened its position as a driving force of Kazakhstan's digital transformation and a reliable leader in the global telecommunications market.