Kcell announces appointment of Acting Finance Director


Almaty, 27 October 2014 - Kcell Joint Stock Company (“Kcell” or the “Company”) (LSE, KASE: KCEL) the leading provider of mobile telecommunications services in Kazakhstan by market share in terms of revenue and subscribers, announces the appointment of Gary Mitchell Krasny as Acting Finance Director, subject to receiving the relevant authorisation.

Mr. Krasny has more than 30 years of financial and operational experience in public and private companies in the US, Europe, and Russia. He has extensive experience in telecommunications and mobile communications in Bulgaria (Bulgarian Telecommunication Company), Luxembourg (Millicom International), Russia (MCT CORP), as well as in a number of Russian television holdings, such as TV3 Russia and Metromedia International. Between 1998 and 2000, he held the position of Vice President Finance in SUN Interbrew.

Gary Mitchell Krasny is a Certified Public Accountant and holds a Bachelor of Science in Accounting from the University of Florida. He is also a Certified Business Manager and a Chartered Global Management Accountant.


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Company Overview

Kcell is the leading provider of mobile telecommunications services in Kazakhstan by market share in terms of revenue and the number of subscribers. It has operated since 1998, and as at 31 December 2013 it had approximately 14.3 million subscribers, representing a market share of 46.2%, as estimated by the Company. Its estimated market share in terms of revenue was 54% for the year ended 31 December 2013.

Kcell provides mobile voice telecommunications services, messaging services, value-added services such as multimedia and mobile content services, as well as data transmission services including internet access. It has two brands: the Kcell brand, which is targeted primarily at corporate subscribers (including government subscribers), and the Activ brand, which is targeted primarily at mass market subscribers. The Company offers its services through its extensive, high quality network which covers substantially all of the populated territory of Kazakhstan.

In December 2012, Kcell successfully completed its offering of GDR’s on the London Stock Exchange and common shares on KASE. The price was set at USD 10.50 per GDR and KZT 1,578.68 per share with each GDR representing one share.  The offering consisted of a sale by TeliaSonera of 50 million shares, which represent 25 percent of Kcell’s share capital. TeliaSonera holds directly and indirectly 61.9% of the Company’s common shares.

Kcell plans to benefit from the significant growth potential for mobile data services in Kazakhstan. The Company intends to continue to invest in the deployment of its 3G network to expand coverage. Kcell aims to maintain its market leadership in terms of revenue and the number of subscribers by offering its products and services at competitive prices, expanding its offering of products and services, maintaining the high quality of its network and enhancing its brand value.