Kazakhtelecom's shareholder structure saw notable changes in the first six months of 2026: state holding company Samruk-Kazyna increased its stake from 79.2% to 89.5%, while a US investment fund became a minority co-owner of the telecom operator. The figures come from the company's half-year report, according to infohub.kz.
Based on the current market price of 44,600 tenge per common share, Samruk-Kazyna's additional stake could be valued at 49.1 billion tenge.
The state holding's stake increase followed the sale of an 8% stake owned by Nurlan Artykbaev's Telecom Systems Ltd. At the current share price, that deal could have been worth 38.2 billion tenge.
The transaction itself became public knowledge back in late July. At the time, however, the QAMS Association of Minority Shareholders of Kazakhstan reported that Samruk-Kazyna's stake had risen to 91.28% in April, after it bought 9.84% from Telecom Systems Ltd and 0.59% from other minority shareholders.
Another change involves the arrival of a new investor, Firebird Republics Fund, which now owns 0.7% of Kazakhtelecom. The small stake is currently valued at 3.3 billion tenge. The investment fund has no business identification number (BIN) because it is a foreign company registered in the Cayman Islands. It is managed by the US company Firebird Management LLC.
Firebird Management LLC is a US private investment and asset management company founded in 1994 and headquartered in New York.
Small holdings of retail investors also changed. The total number of shares under their control fell from 8.8% to 5.8%, a drop of 3%, equivalent to 14.3 billion tenge.
The calculations are based on the current price of Kazakhtelecom shares during the trading session of September 14, 2026, at 44,558.89 tenge per share. At that point, the company's total market capitalization stood at 477.05 billion tenge.