Power International Holding Completes a Major Acquisition
Power International Holding (PIH), a renowned Qatari-based conglomerate, has achieved a significant milestone by acquiring a 100% interest in Mobile Telecom-Service LLP (MTS) from Kazakhtelecom JSC. This acquisition represents a strategic venture into the telecommunications sector, reinforcing PIH's commitment to expanding its operations.
A Strategic Partnership for Growth
The deal was finalized after the signing of an initial agreement earlier this year, establishing a partnership between PIH, Kazakhtelecom, and the sovereign wealth fund Samruk-Kazyna. The completion of this transaction is seen as a catalyst for both company growth and innovation in telecommunications.
MTS is the leading provider of ultrafast 5G connectivity in the region with well-established brands like Altel and Tele2. Founded in 2004, MTS has grown to employ around 2,000 individuals and operate over 140 retail outlets, offering a wide array of telecommunications and digital services.
Financial Backing for Future Developments
This financing effort was spearheaded by Citi and QNB, acting as Coordinators and Bookrunners, and supported by Halyk Bank JSC and ICBC Standard Bank Plc among others. This consortium showcases the robust financial backing PIH has to support its ambitious growth plans.
Comments from Leadership
Mr. Ramez AlKhayyat, President of Power International Holding, emphasized that the telecommunications group is crucial for the company’s strategic growth. He stated that this acquisition positions them to actively influence the digital landscape in the region, enhancing technological solutions for customers.
Confidence from Financial Institutions
QNB Group's CEO, Mr. Abdulla Mubarak Al-Khalifa, expressed pride in facilitating this significant acquisition. He noted that this strategic financing emphasizes QNB's dedication to supporting pivotal investments in telecommunications, promoting innovation, and economic growth.
A Bright Future Ahead
The acquisition marks the beginning of Power International Holding's journey into Kazakhstan’s thriving telecommunications market, which is part of their broader strategy to diversify investments. The company is committed to enhancing its infrastructure by deploying advanced technology like 5G.
Expansion into Kazakhstan
Mr. Eyad Abdulrahim, PIH Group Chief Finance and Investment Officer, stated that this acquisition means a remarkable step for PIH as they navigate a complex market landscape. By collaborating with global partners and securing funding from a wide range of international banks, they have shown strength and confidence in their growth strategy.
About Power International Holding
Power International Holding is a global leader based in Qatar, with a broad portfolio spanning 14 sectors, including telecommunications, construction, healthcare, and more. The organization is committed to delivering sustainable innovation and value on a worldwide scale.
With over 65,000 professionals from diverse backgrounds, PIH has successfully executed more than 1,250 projects across 19 countries, demonstrating its pivotal role in global development.
Frequently Asked Questions
What is the recent acquisition by Power International Holding?
Power International Holding has acquired 100% interest in Mobile Telecom-Service LLP from Kazakhtelecom JSC.
What role did financial institutions play in this acquisition?
Citi and QNB, among others, provided significant financial backing as Coordinators and Bookrunners for the acquisition.
What importance does this acquisition hold for PIH?
This move plays a crucial role in PIH's strategic expansion into the telecommunications sector, enhancing their market presence.
How many employees does MTS have?
MTS employs approximately 2,000 staff members and operates over 140 retail stores.
What sectors does Power International Holding operate in?
PIH is involved in various sectors, including telecommunications, energy, construction, and healthcare, among others.
