TeliaSonera's Kcell Proceeds With IPO

STOCKHOLM -- Kcell, the leading provider of mobile communications services in Kazakhstan, today announced its intention to conduct an initial public offering of its shares in the form of global depository receipts (GDRs) and a concurrent offering in Kazakhstan in the form of common shares.

The offering will comprise the sale of existing shares held by Sonera Holding B.V., a wholly owned subsidiary of TeliaSonera AB, in an amount of up to 25% of the shares in Kcell.

“Kcell is an important part of our global operations and one of the most successful subsidiaries of TeliaSonera”, says Lars Nyberg, President and CEO of TeliaSonera. “We are fully committed to Kcell, which will continue to benefit from using our global brand identity, participating in international roaming and joint technology initiatives, including common procurement across the TeliaSonera group. We will work with Kcell to ensure that it complies with international best practice in terms of corporate governance and corporate social responsibility as it makes the transition to a publicly listed company.”

Telia Company