Kazakhtelecom reveals why it has acquired a share in Phoenix Fund

Kazakhtelecom has revealed how the acquisition of a share in the investment fund would facilitate the company’s development / Photo: Askar Akhmetullin, photo editor: Aruzhan Makhsotova

Commenting on Kursiv.media’s request, Kazakhtelecom revealed why it has acquired a 49.98% stake in Phoenix Fund Limited Partnership.

According to the telecommunication operator, the key aspects of its current strategy are the transformation toward an ecosystem model, the development of digital assets and the production of quality content for its multimedia TV+ platform.

«Due to the board of directors’ decision, the company is entering the newly established Phoenix Fund Limited, which controls various digital assets, to reach synergy, expand and improve our product line and integrate these new assets into the business of Kazakhtelecom via close cooperation with the fund,» the telecommunication operator said in a statement.

Phoenix Fund Limited Partnership was established by Kazakhtelecom, ERG Investments Projects B.V. (the Netherlands) and Digital Opportunities I Limited with the intention to invest in digital technologies and media.

The fund was officially registered with the Astana International Financial Center (AIFC) on June 12, 2024.

According to eGov.kz, the fund’s CEO is Yernur Rysmagambetov, a former chair of the AIFC Authority. The AIFC’s data shows that the fund’s founders are also its limited partners, while BTS Digital Ventures Limited is the general partner of the fund.

BTS Digital, one of many companies in the BTS Digital Ventures portfolio, is a developer of popular IT products such as Aitu Messenger, eOtinish, Digital ID, Aitu Passport, Aitu Wallet 2.0 and the System of Instant Payments.

Apart from Phoenix Fund, Kazakhtelecom currently controls eight other companies: Kcell, Mobile Telecom-Service (in the process of being sold), KT IX (in Russia), Vostoktelecom, the Digital Economy Development Center, Nursat+, KT-Telecom and Caspinet B.V. (50%).