In May, Samruk-Kazyna increased its stake in Kazakhtelecom to 91.27%. The fund acquired a stake in the operator that previously belonged to Telecom Systems, owned by Nurlan Artykbaev, the Association of Minority Shareholders QAMS reported. This was reported by Qazaqyia.kz citing Kursiv Media.
QAMS, citing an extract from the KASE shareholder register for Kazakhtelecom, noted that the main seller of the company's shares was Telecom Systems. It fully sold its 9.84% stake in the national telecom operator to Samruk-Kazyna.
Another 0.59% of Kazakhtelecom shares were acquired by Samruk-Kazyna from other minority shareholders, according to QAMS. As a result, the quasi-state fund's stake in the company increased by 10.43%.
The owner of Telecom Systems is businessman Nurlan Artykbaev, active in construction and now mining. In 2024, he acquired 8.9% of Kazakhtelecom shares from Jusan Bank (now Alatau City Bank). Throughout 2025, Artykbaev's company gradually increased its stake in the operator to 9.84% by the end of 2025.
Nurlan Artykbaev ranks 21st in the ranking of the richest businessmen with a capital of $508 million. He holds a majority stake in Qazaq Stroy and Exclusive Qurylys, as well as in Kazakhmys Corporation.
Earlier it was reported that the Samruk-Kazyna fund bought 10.43% of Kazakhtelecom common shares and increased its stake from 80.85% to 91.28%.