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Telecom Monopoly Kazakhtelecom To Attract USD 25mn Loan

Telecom monopoly Kazakhtelecom plans to attract USD 25mn loan, KASE informed. The 5-year loan will be extended by the largest domestic bank Kazkommertsbank. Still, the loan attraction is yet to be approved by Kazakhtelecom shareholders on September 2.

The government, with a 50% stake in the company, Kazkommertsbank with 30.05%, and Bank of New York with 6.73%, are major shareholders. Kazakhtelecom net profit grew to USD 54mn in H1, or up by 51.2% y/y. The company’s income stood at USD 208mn, or up by 16.8% y/y. Kazakhtelecom earnings were mainly due to domestic calls (74.7%), international calls (8.3%) and GSM services (17%).

It should be mentioned that transportation and communication ministry announced that Kazakhtelecom might be privatised by 2006. It was emphasised that the privatisation would heavily depend on the changes in the relevant legislation.

Still, the company cannot be fully privatised as the national telecom security is at stake.

(IntelliNews 04.viii.03)

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