Kazakh Nurbank launches $900 mln share issue

Nov 26. Reuters. ALMATY

* Shareholders have pre-emptive right to buy new shares
* Remaining shares to be sold on open market
* Nurbank expects to double its net profit in 2010

Kazakh Nurbank launches $900 mln share issueNurbank NRBN.KZ,  Kazakhstan’s No.9 lender by assets, has started an additional issue of ordinary shares worth a total of 132.58 billion tenge ($900 million), the bank said on Friday.

Money Experts, a Nurbank subsidiary, said the bank’s charter capital, the total value of its shares when the company was formed, stood at 31.9 billion tenge at the end of September. Nurbank’s own capital totalled 34 billion tenge at the time.

Dariga Nazarbayeva, the eldest daughter of Kazakh President Nursultan Nazarbayev, and her son left the banking business in May, selling over 56 percent in Nurbank to new resident shareholder Sofia Sarsenova, now holding 70.5 percent of shares in the bank.

The bank does not disclose its shareholder structure. Nurbank also declined to comment immediately on the share issue.

Nurbank said it had given its present-day shareholders an opportunity to retain their current stakes in the bank by giving them the pre-emptive right to buy new shares proportionate to the amount of ordinary shares which they hold already.

It said the proportion of previously issued and new ordinary shares is 1 to 3.2.

Nurbank shareholders have 30 calendar days to buy new shares. Money Experts said that after the expiry of this term the bank could sell remaining free shares on the open market.

Nurbank said in May it expects to double its net profit this year from 762 million tenge made in 2009.