Phoenix Fund Limited Partnership

History

2024: Kazakhtelecom buys stake in Phoenix Fund

On June 21, 2024, it became known that the telecommunications company Kazakhtelecom acquired a 49.98 percent stake in the Phoenix Fund Limited Partnership investment fund. There is no information on the value of the transaction as of the specified date.

Phoenix Fund Limited Partnership is registered with the Astana International Financial Center (AIFC) on June 12, 2024. Investing in digital technologies and media is declared as the main area of ​ ​ activity. The head of the fund is Ernur Rysmagambetov, who previously served as chairman of the board of the AIFC Administration. The founders are Kazakhtelecom, ERG Investments Projects B.V. (Netherlands) and Digital Opportunities I Limited: these structures are listed as limited liability partners. The general partner is BTS Digital Ventures Limited venture capital fund.

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Weekly Uzbekistan

Kazakhtelecom notes that the deal is part of a strategy that provides for transformation towards an ecosystem model, the development of digital assets and high-quality content content of the TV + multimedia platform. One of the structures of BTS Digital Ventures is BTS Digital. Her developments include Aitu Messenger, eOtinish, Digital ID, Aitu Passport, "Aitu Wallet 2.0" and Instant Payment System.

In accordance with the decision of the Board of Directors, the company enters the newly created Phoenix Fund Limited Partnership, which includes digital assets, synergy and cooperation with which will allow the company to expand and improve its product line and integrate them into the business of the Kazakhtelecom group of companies, the telecommunications operator says.

Phoenix Fund Limited Partnership is noted to be relevant to the Phoenix Fund investment group, which is based in Dubai and operates across jurisdictions, covering areas such as real estate, horse breeding, food and drink, waste management and financial technology.^[1]

Notes