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Acquisition of state share of JSC "United Telecommunications Company of Georgia"

16.05.2006 / Press-service

Kazakhstan Bank "TuranAlem" confirmed its agreement to credit "Black Sea Telecom Holding B.V." (previously "Route D'Esch Property II B.V.") for acquisition of 90.65% shares of JSC "United Telecommunications Company of Georgia" on the auction on 12 May 2006.

According to the conditions of the agreement, borrower has to provide the payment of 50% of the sum in one month, and to pay the rest in three months time. On the other side, the investor is obliged to run and support the company and services to customers for three forthcoming years.

JSC "Bank TuranAlem" – the system-making bank of Kazakhstan, the leader in creation of banking network on the territory of CIS. Bank’s assets exceed $9 billion; equity capital exceeds $1.5 billion. Bank’s shareholders are the world largest institutions such as EBRD, RZB, IFC and FMO. In Kazakhstan the Bank confidently holds the leading position among the second-tier banks in the field of trade financing, SME loans and mortgage lending. Bank’s development strategy includes geographical diversification and the expansion of the range of provided services, as well as stable dynamic growth.

The share of JSC "United Telecommunications Company of Georgia" in the Georgian market is 17.8%. The operator provides services to 350 thousand individual and corporate clients. Before the acquisition the state owned 90.65% of shares, the rest of shares belong to the company.