Kyrgyztelecom privatisation annulled?

19 Apr 2010

Kyrgyzstan’s interim government has cancelled the results of a tender to sell the state’s shareholding in incumbent telco Kyrgyztelecom (KT) and two electricity companies, PRIME-TASS reports, citing the country’s State Property Ministry. According to the report, the interim government claimed that the tenders were held in order to sell the stakes to investors close to ousted president Kurmanbek Bakiyev at ‘unreasonably low prices.’ As reported by CommsUpdate, a consortium of four investors won the tender for the government’s 78% stake in KT in February 2010. The consortium members, including Investment Company of Kazakhstan, Cypriot companies Nimisco Holdings and Colimar Holdings, and local firm Ala-Too Keni Company, offered USD40 million for the stake and pledged to invest USD200 million in the fixed line operator. KT’s other shareholders include the country’s social fund (12.51%), the company’s employees (5%), individual investors (3.65%) and management (1%).

Kyrgyzstan, Kyrgyztelecom (incl. KT Mobile)