Kcell announces appointment of Finance Director
Almaty, 30 January 2015 - 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 that, at the meeting held on 27 January 2015, the Board of Directors has appointed Trond Moe as Finance Director subject to receiving relevant regulatory authorisation.
Mr. Moe brings broad experience and expertise in the telecoms sector and the region to the role of Finance Director. Prior to joining Kcell, Trond Moe served as CFO of Mode Group in London, UK. From 2011 to 2013, he was a partner at Eastern Europe Group (Ukraine), consulting foreign investors on strategic risk in eastern European business environments. From 2006 to 2011, he was a country manager at Telenor, Ukraine, responsible for the company’s investments in Ukraine, including the largest mobile phone company, Kyivstar.
Prior to that, from 2000 to 2006, Mr. Moe held a number of senior positions at telecoms businesses in several regions, including Eastern Europe and Asia. Mr. Moe holds an MS degree in Economics and Business Administration from the Norwegian School of Economics.
Jan Erik Rudberg, Chairman of Kcell, commented:
“We are delighted Trond is joining as Finance Director of Kcell. We are now fully focused on executing our growth strategy and creating shareholder value. With such an exceptional background and diverse experience, Trond brings with him a great combination of financial, value-based planning and strategy skills.”
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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.