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    KCEL   KZ1C00000876

KCELL JOINT STOCK COMPANY

(KCEL)
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Exclusive - Kazakhtelecom bid values Kcell at around $600 million

02/05/2018 | 04:14am EDT
The KCell logo is on display in front of the company's headquarters in Almaty

ALMATY (Reuters) - Kazakhtelecom has made a bid to buy Swedish telecoms company Telia's stake in mobile operator Kcell valuing it at around $600 million (£424 million), two sources familiar with the talks told Reuters.

Kazakhtelecom, Kazakhstan's largest fixed-line telecommunications operator, has applied for permission to buy a 75 percent stake in London- and Almaty-listed Kcell, the country's antitrust committee said last month.

Kazakhtelecom which also has a stake in Kcell's competitor, a joint venture with Tele2, has so far disclosed no details of its bid.

One source familiar with the bidding process said Kazakhtelecom's bid valued Kcell, the Central Asian country's biggest operator, at around $600 million.

Another source also familiar with the talks said the bid price was about 40 percent below Kcell's market capitalisation - which is around $1 billion.

Kazakhtelecom and Telia declined to comment on the matter.

Kcell's share price has surged about 47 percent since last June, prompting analysts to rate it as overvalued.

Russian brokerage Sberbank CIB said in a note last month Kcell was overvalued and had a "sell" recommendation on the shares. VTB Capital, another Russian brokerage, also rates Kcell as "sell".

Under Kazakh corporate law, if Kazakhtelecom takes over Kcell, it will have to offer to buy the remaining outstanding shares at the market price.

The 75-percent stake belongs to Telia and Fintur, Telia's joint venture with Turkcell. Telia has said it planned to sell its assets in Azerbaijan, Kazakhstan, Georgia and Moldova.

If successful and approved by the antitrust committee, Kazakhtelecom's bid would make it a major shareholder in companies which together control about 66 of the local mobile telecommunications market.

The oil-rich country's sovereign wealth fund, Samruk-Kazyna, has a 51.0 percent stake in Kazakhtelecom, part of which it plans to sell this year in its large-scale privatisation drive.

(Additional reporting by Mariya Gordeyeva in Almaty, Raushan Nurshayeva in Astana and Olof Swahnberg in Stockholm. Editing by Jane Merriman)

By Olzhas Auyezov

Stocks treated in this article : TeliaSonera, Kazakhtelekom AO, Kcell AO, Tele2 AB

© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
KAZAKHTELECOM JSC 0.41% 36450 End-of-day quote.36.52%
KCELL JOINT STOCK COMPANY 2.21% 1525 End-of-day quote.-44.75%
TELE2 AB 0.39% 129.25 Delayed Quote.18.55%
TELIA COMPANY AB -0.83% 36.23 Delayed Quote.7.58%
All news about KCELL JOINT STOCK COMPANY
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09/27Kcell Joint Stock Company Announces Changes in Composition of Board of Directors
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08/23Kcell Joint Stock Company Termination of the Employment Agreement of Alexey Bobrov as C..
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08/23Kcell Joint Stock Company Announces Termination of the Employment Agreement of Alexey B..
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07/30Kcell Joint Stock Company Reports Earnings Results for the Second Quarter Ended June 30..
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2019KCELL AO : JSC pays the annual dividend for 2018...
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2019KCELL AO : JSC signs credit agreement with Bank of China Kazakhstan ...
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2019KCELL AO : Notice of Board Resignation...
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2019KCELL AO : Conference Call and Interim Report January - June 2019...
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2019KCELL AO : Fitch Ratings affirms Kcell JSC's Long-Term Issuer Default Rating at 'BB'; Outl..
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More news
Analyst Recommendations on KCELL JOINT STOCK COMPANY
More recommendations
Financials
Sales 2021 192 B 452 M 452 M
Net income 2021 29 722 M 69,9 M 69,9 M
Net Debt 2021 52 283 M 123 M 123 M
P/E ratio 2021 10,3x
Yield 2021 5,19%
Capitalization 305 B 717 M 717 M
EV / Sales 2021 1,86x
EV / Sales 2022 1,68x
Nbr of Employees 2 164
Free-Float 17,9%
Chart KCELL JOINT STOCK COMPANY
Duration : Period :
Kcell Joint Stock Company Technical Analysis Chart | KCEL | KZ1C00000876 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 5
Last Close Price 1 525,00 KZT
Average target price 2 002,53 KZT
Spread / Average Target 31,3%
EPS Revisions
Managers and Directors
Yuri Kharlamov Chief Executive & Financial Officer
Alexey Nikolaevich Buyanov Chairman
Sasa Lekovic Director-Technology
Askar Alibekovich Yesserkegenov Chief Technical Officer
Khalida Kyrykbayeva Ethics & Compliance Officer
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