State-owned stake of Kygyztelecom sold to companies’ consortium

State-owned stake of Kyrgyztelecom, the largest telecommunication company of Kyrgyzstan has been sold to a consortium of companies, registered in Kazakhstan, Kyrgyzstan and Cyprus. The consortium was announced the winner of an investment tender on purchase of 70 percents of the national operator’s government shares, Tursun Turdumambetov, Head of the Kyrgyz Government Property Ministry told the press conference Friday.

Organizers of the tender have received six applications from Turkey, Russia, Germany, Kazakhstan, Cyprus and Kyrgyzstan. The winner has offered $1.78 million for the stake and promised to invest $200 million. The consortium includes Investment Company K.S.D (Kazakhstan), Nimisco Holdings Co. Limited (Cyprus), Colimar Holdings Co. Limited (Cyprus) and Ala-Too Keni Company (Kyrgyzstan).

The purchaser is obliged to follow tariff policy of the state, provide villages with telephone connection, secure Kyrgyztelecom digital network and broadcasting of the state TV and radio channels in all populated places of Kyrgyzstan, retain structure and line of the Republican Radio Relay Lines, TV and Radio Association’s activity.

Turdumambetov outlined that the National Bank of Kyrgyzstan excluded Cyprus from the offshore zones’ list.