general meetings
of shareholders were held in 2025
5.2. General Meeting of Shareholders
The rights of shareholders and their observance are important principles of corporate governance of Kazakhtelecom JSC. The Company treats all shareholders equally, including minority ones, regardless of the share of ownership of shares, and provides information to them on an equal basis.
3
In 2025, 3 general meetings of shareholders were held (15.05.2025, 14.11.2025 and 10.12.2025). At the meetings held, issues of approval of the annual financial statements, payment of dividends, introduction of changes to the composition of the Board of Directors of the company, approval of the Corporate Governance Code were considered.
5.2.1. Informing shareholders
Kazakhtelecom JSC carries out disclosure of information in accordance with the laws of the Republic of Kazakhstan “On the securities market” and “On joint-stock companies”, as well as according to the requirements of Kazakhstan Stock Exchange JSC, “Astana International Exchange Ltd.” and the National Bank of the Republic of Kazakhstan.
In accordance with the requirements of Kazakhstan Stock Exchange JSC (kase.kz), “Astana International Exchange Ltd.” (aix.kz) and Information and Accounting Centre JSC (dfo.kz), timely disclosure of corporate events, including those concerning changes in the composition of the Board of Directors, is carried out.
On the internet resources of KASE, AIX and Information and Accounting Centre JSC, information for shareholders and investors is disclosed: information on management bodies, corporate events, large shareholders, general meetings, securities and financial statements.
In addition, for wider coverage of shareholders and stakeholders, information is also disclosed on the Company’s website.
5.2.2. Structure of the share capital
As at 31.12.2025, members of the Management Board and the Board of Directors of the Company are not owners of ordinary shares of Kazakhtelecom JSC, cross ownership of shares is absent.
Table 78. Structure of share capital
| Shareholders | Number of shares | Share of issued ordinary shares (%)* | Share of ordinary shares outstanding (%)** |
|---|---|---|---|
| SWF Samruk-Kazyna JSC | 8,655,561 | 79.24 | 80.85 |
| PC Telecom Systems Ltd | 870,270 | 7.97 | 8.13 |
| Other shareholders with a share of less than 5% | 1,180,193 | 10.80 | 11.02 |
| Treasury shares | 216,852 | 1.99 | - |
| Total authorized ordinary shares | 10,922,876 | 100.00 | 100.00 |
* share is calculated from the total number of placed ordinary shares.
** share is calculated from the total number of placed ordinary shares less repurchased shares.
The authorised capital of the Company amounts to KZT 12,136,529 thousand and consists of 10,922,876 ordinary shares and 1,213,653 preferred shares. The par value of one share — KZT 1,000. The share of preferred shares of Kazakhtelecom JSC of the total number of issued shares amounts to 10%.
Ordinary and preferred shares of Kazakhtelecom JSC were included in the official list of Kazakhstan Stock Exchange JSC (hereinafter — the Exchange) of category “A” from 16 October 1997, from 1 September 2008 were transferred to the first category of the official list of the Exchange.
At present, both ordinary and preferred shares of the Company are in the “Premium” category of the official list of Kazakhstan Stock Exchange JSC and are traded on the main platform of the exchange.
On 28 April 2006, the state stake of shares of Kazakhtelecom JSC was transferred to Kazakhstan Holding for the Management of State Assets Samruk JSC, created in accordance with the Resolution of the Government of the RK of 23 February 2006 No. 117 for the effective management of state stakes of a number of the largest companies of Kazakhstan. By the Resolution of the Government of the Republic of Kazakhstan of 17 October 2008 No. 962 “On measures for the implementation of the Decree of the President of the Republic of Kazakhstan of 13 October 2008 No. 669”, Sovereign Wealth Fund Samruk-Kazyna JSC (SWF Samruk-Kazyna JSC, the Fund) was created by the merger of joint-stock companies Sustainable Development Fund Kazyna and Kazakhstan Holding for the Management of State Assets Samruk.
On 12 September 2023, the Committee of State Property and Privatisation of the Ministry of Finance of the Republic of Kazakhstan, formerly the second large shareholder of Kazakhtelecom JSC since May 2022, transferred to the Fund 3,084,983 (28.24% of placed ordinary shares) ordinary shares of Kazakhtelecom JSC.
To date, the Fund is the largest shareholder of the Company.
As at 31.12.2025, the Private Company Telecom Systems Ltd owns 870,270 (7.97% of placed ordinary shares) ordinary shares of Kazakhtelecom JSC.
Table 79. Value of shares, KZT
| 31.12.2023 | 31.12.2024 | 31.12.2025 | |
|---|---|---|---|
| Ordinary shares (1 share), KZT | 34,500 | 43,778 | 43,390 |
| Preferred shares (1 share), KZT | 24,750 | 36,900 | 28,800 |
During 2025, the dynamics of the Company’s shares was characterised by growth of trading volumes and prices in the first half-year. The share price peaked in March–May, when the weighted average price reached maximum values at the level of about KZT 60 thousand.
The indicated dynamics reflected active positioning of investors against the background of dividend expectations and increased demand for shares. After the dividend cut-off in June-July, a decrease in trading volumes and correction of the weighted average price to KZT 30–39 thousand was observed, which was conditioned by profit-taking by investors and a decrease in short-term demand after the realisation of the dividend scenario.
In the second half-year, the share price stabilised in the range of KZT 39–41.5 thousand, and as at 31.12.2025 amounted to KZT 43,390. The gradual recovery of the weighted average price by the end of the year was evidence of the preservation of interest from long-term investors and the formation of a stable price level.
