Samruk-Kazyna buys 10.43% stake in Kazakhtelecom from Artykbayev
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Kazakh sovereign wealth fund Samruk-Kazyna acquired a 10.43% stake in national telecom operator Kazakhtelecom, raising its ownership to 91.28%. The purchase was made from Telecom Systems, owned by billionaire Nurlan Artykbayev, and other minority shareholders.
The Transaction
Samruk-Kazyna purchased 9.84% of Kazakhtelecom shares from Telecom Systems, the vehicle of Nurlan Artykbayev, according to the QAMS minority shareholders association. An additional 0.59% was bought from other minority holders. The total deal increased the fund's stake by 10.43 percentage points to 91.28%.
Seller Background
Nurlan Artykbayev, ranked 21st among Kazakhstan's wealthiest businessmen with a net worth of $508 million, controls Telecom Systems. He acquired an initial 8.9% stake in Kazakhtelecom from Jusan Bank (now Alatau City Bank) in 2024 and gradually built up his holding to 9.84% by end-2025. Artykbayev also holds majority stakes in Qazaq Stroy, Exclusive Qurylys, and Kazakhmys Corporation.
What's Next
Samruk-Kazyna now holds over 91% of Kazakhtelecom, potentially paving the way for a full buyout or delisting. It remains unclear whether the fund will seek to acquire the remaining minority shares or maintain the current ownership structure.
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Samruk-Kazyna buys 10.43% stake in Kazakhtelecom from Artykbayev
