Power International Holding (PIH), a Qatar-based conglomerate, has completed the acquisition of a 100 per cent participatory interest in Mobile Telecom-Service (MTS) from Kazakhtelecom.

 

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 Kazakhstan’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, said a PIH statement. – TradeArabia News Service