Samruk-Kazyna buys 8.9% stake in Kazakhtelecom from Kazakhmys owner
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Samruk-Kazyna acquired an 8.9% stake in Kazakhtelecom from Nurlan Artykbaev, owner of Kazakhmys and Qazaq Stroy Properties. The transaction increased the sovereign wealth fund's stake from 80.85% to 91.27%, according to an updated shareholder register as of July 1.
The Transaction
Samruk-Kazyna acquired 954,361 common shares of Kazakhtelecom, representing 8.91% of outstanding shares, from TelecomSystems Ltd., a vehicle controlled by Artykbaev. The deal was reflected in the shareholder register as of July 1, 2026, with the fund's stake rising to 91.27%. Artykbaev had held the stake for just over a year.
Financial Details
Artykbaev earned approximately 30 billion tenge from special dividends and about 5 billion tenge from share price appreciation during his ownership. The sale price was not disclosed. Kazakhtelecom is the national telecom operator, and Samruk-Kazyna is the state-run sovereign wealth fund.
What's Next
The increased stake gives Samruk-Kazyna greater control over Kazakhtelecom's strategic decisions. It remains unclear whether the fund will seek to acquire the remaining minority shares or maintain the current structure.
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Samruk-Kazyna buys 8.9% stake in Kazakhtelecom from Kazakhmys owner
