DOHA, Qatar, Feb. 16, 2024 /PRNewswire/ -- As part of the signing ceremony witnessed by H.H. the Amir Sheikh Tamim bin Hamad Al-Thani and H.E. President of the Republic of Kazakhstan Kassym-Jomart Tokayev, and part of a series of contracts signed between Qatari companies and various Kazakh entities. Power International Holding Company signed an agreement of principles to acquire Mobile Telecom Services (MTS) in Kazakhstan, owned by Kazakhtelecom (National Telecommunications Company).

Kazakhtelecom, Kazakhstan's largest telecommunications operator, intends to sell one of its mobile assets, Mobile Telecom–Service LLP (Tele2/Altel brands) one of the leading conglomerate of the Middle East, Qatar-based Power International Holding. The relevant tripartite agreement on principles (Samruk-Kazyna JSC) was signed today by the parties during the official visit of the President of Kazakhstan to Qatar.

On January 20 of this year, at a meeting of the State Commission on Economic Modernization, it was decided to sell Mobile Telecom-Service LLP and today in Qatar Kazakhtelecom, Samruk-Kazyna and Power International Holding, within the framework of the signed agreement, agreed on the main terms for the purchase of a 100% stake in MT-S LLP.

On this occasion, Mr. Mohammed Moutaz Al-Khayyat, Chairman of Power International Holding, expressed his pleasure to sign this acquisition agreement and expand PIH's business in Kazakhstan due to its promising investment opportunities and advanced business environment. Mr. Al-Khayyat expressed his appreciation to His Highness Sheikh Tamim bin Hamad Al-Thani, the Amir of the State of Qatar, for his continued support to the Qatari private sector and its international expansions.

In line with Power International Holding strategic expansion goals, CEO Mr. Ramez Al-Khayyat highlighted the acquisition's role in broadening the company's technology offerings. He expressed the company's commitment to advancing the tech sector in Kazakhstan through the deployment of innovative communication technologies. PIH will unleash its power in the use of advanced data analytics on customer behavior, network infrastructure performance, digital payments and market trends to introduce new digital products & services in the market with the ultimate objective to bring joy and satisfaction to the people of Kazakhastan.