Jusan Bank increases its stake in Kcell. Now it controls 10% of the mobile operator

Jusan Bank, also known as First Heartland Jusan Bank, has acquired a 10% stake in Kcell, a Kazakhstani mobile operator, according to a release issued by the Kazakhstan Stock Exchange (KASE).

The ownership structure has changed for Kcell shareholders with stakes of 10% or more. Previously, Kazakhtelecom held a 51% stake, while Galimzhan Yessenov owned 14.87%. Jusan Bank has joined them, increasing its stake from 9.08% as of June 30, 2024, to over 10%.

Even though the document didn’t specify the precise share of the operator controlled by Jusan or any details of the deal, Kcell informed Kursiv.media that the bank’s share rose from 9.08% to 10.01%. Kazakhtelecom and Yessenov’s stakes have remained unchanged.

As of June 30, other significant shareholders of Kcell include the Unified Accumulative Pension Fund (UAPF), which holds a 7.06% stake, and Timur Turlov, who owns 2.62%. Moreover, entities linked to Turlov control another 6.91% stake in Kcell, which runs two brands on the market: Kcell and Activ.

In turn, First Heartland Jusan Bank is primarily controlled by First Heartland Securities (79.63%), Galimzhan Yessenov (20.11%) and other minor shareholders (0.25%). Notably, First Heartland Securities (FHS) is also controlled by Yessenov. He gained control over 97.98% of shares in the summer of 2023, receiving them from the former owner of FHS, the British-based Jusan Technologies.

In 2024, Galimzhan Yessenov was ranked as the 15th richest businessperson in Kazakhstan, with a fortune estimated at $590 million. He also holds a 9.19% stake in Kazakhtelecom through Jusan Bank.