Freedom Holding Corp board approves entry into Kazakhstan telecom market with $650M capex plan

Freedom Holding Corp.

Plans to launch new telecom operator Freedom Telecom, aiming to build an ecosystem combining financial services and telecom.
Total capex projected at ~$650M over five years for 5G license, backbone network, data center, and acquisitions.
Freedom Telecom expected to be loss-making in 2024-2026, profitable from 2027; consolidated net income impact starting 2028.
Financing mix of domestic bond issuance in Kazakhstan and vendor financing.
CEO Timur Turlov previously served on board of Kcell, a leading Kazakh telecom, until October 2023.

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