TeliaSonera and Kazakhtelecom have signed a binding Memorandum of Understanding (MoU) regarding Kazakhtelecom's intention to conduct an Initial Public Offering (IPO) of GSM Kazakhstan, operating under the brand Kcell, in accordance with the efforts of the government of Kazakhstan to expand and further develop the Kazakhstani stock market. The contemplated final outcome of the transactions according to the MoU is that Kazakhtelecom will sell its shares in an IPO, apart from a 24 percent plus one share that will be acquired by TeliaSonera (or by TeliaSonera's subsidiary Fintur Holdings). The transactions will be completed at market value. Any sale to TeliaSonera and IPO of shares are subject to a number of conditions being fulfilled by both parties. At present, GSM Kazakhstan is owned by Fintur Holdings (51 percent) and Kazakhtelecom (49 percent). Fintur Holdings is owned by TeliaSonera (58.55 percent) and Turkcell (41.55 percent).
