Kcell calls 17 November shareholder vote on merging KazNet Media into the operator

Kcell JSC, one of Kazakhstan's major mobile operators, has called an extraordinary general meeting of shareholders for 17 November to vote on a voluntary reorganisation in which KazNet Media JSC would be merged into Kcell. The board's decision was published in a notice on the Kazakhstan Stock Exchange (KASE) on 16 October.

According to the meeting information filed with the notice, the meeting will start at 11:00 Almaty time at 51 Alimzhanova Street in Almaty, in person only, with registration from 10:00 to 10:45. If it does not take place, it moves to 18 November at the same time. The merger is the only item on the agenda.

Shareholders recorded in the register held by the Central Securities Depository at 00:00 Almaty time on 19 October are entitled to attend and vote. Meeting materials are due at least 10 days before the meeting, which would be 7 November for the first date, and shareholders can request them by email with documents confirming their status. Kcell says it sends requested materials within three working days.

What the notice does not say

The notice gives no rationale for the merger. It also omits the terms, any share exchange ratio, the ownership structure of KazNet Media, financial figures for either company, regulatory approvals and the voting threshold needed to pass the resolution, according to the filed document. The notice says only that agenda materials will be available at least 10 days before the meeting.

Kcell describes itself in the notice as a digital telecommunications provider offering mobile, fixed-line (FMC), data, internet, financial, digital, IoT and B2B services under the Kcell and activ brands. The notice states that its 5G network covers 64.29 per cent of Kazakhstan's population.

Recent results

The company reported first-half 2026 results on 7 August. Revenue rose 10.8 per cent to KZT 138.4 billion, EBITDA rose 13.0 per cent to KZT 53.8 billion, a margin of 38.9 per cent, and net profit rose 40.5 per cent to KZT 7.9 billion, according to its KASE announcement. Subscribers grew 11.2 per cent to 9.05 million, and capital expenditure exceeded KZT 32 billion.

Neither the first-half results release nor the full-year 2025 results release mentions KazNet Media, so the notice is the first reference to the company in the Kcell filings reviewed. The agenda materials, due by 7 November, are the next place where terms could appear, ahead of the shareholders' vote.