Tencent's Stake in Fintech Firm Kaspi.kz Marks First Investment in Kazakhstan
Chinese tech giant Tencent Holdings has entered the Kazakhstan fintech sector for the first time through an equity stake in Kaspi.kz JSC. According to a statement released on Monday, Kaspi.kz confirmed that Tencent, together with company management and long-term investors, completed the acquisition of 6 million American Depositary Receipts (ADRs) from the Barings Fintech Venture Fund. This represents a 3.2% stake, valued at approximately $518 million based on Friday's trading price. Morgan Stanley provided advisory services for this transaction. It is Tencent's first investment in Kazakhstan and its second in Central Asia. Last year, Tencent led an equity financing round for Uzbekistan-based fintech and e-commerce company Uzum. (Bloomberg)
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