During its launch last February, Cherry Mobile announced that Cherry Mobile Z2 will be updated to Android Kitkat by March. The month of March came but the promised update didn't pushed through. But at last, Cherry Mobile announced last June 11, 2014 the official release of the Kitkat update for Cosmos Z2.
Cherry Mobile Cosmos Z2 Kitkat Update Now Available!
According to the picture posted by Cherry Mobile FB page, the update will available on June 16, 2014 via Over-the-air(OTA) update. 

Update Procedure
 1. Open and Update the OTA application
 2.  Back-up all important data
 3.  Wait for the Kitkat OTA update starting June 16, 2014

Required
  • secure wi-fi connection
  • back-up all data before updating
  • at least 80% battery
Specifications

  • Display: 5-inch IPS OGS, Dragon Trail full HD display, 1920 x 1080 resolution
  • Processor: 1.7GHz MediaTek MT6592 octa-core processor
  • GPU: Mali 450MP 
  • RAM: 2GB
  • ROM: 16GB storage, expandable via microSD up to 64GB
  • Rear Camera: 18 MP BSI camera with autofocus, LED flash
  • Front Camera: 8 MP
  • Video: 1080p video recording @ 30fps
  • Battery: Li-Ion 2,000mAh 
  • OS: Android Jelly Bean 4.2, (Upgradeable to KitKat 4.4 in March)
  • SIM: Dual SIM
  • Connectivity: WiFi, Bluetooth 4.0, WiFi direct, GPS
  • Others: FM Radio Tuner, USB On-The-Go(OTG) support

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