Alliance Bank’s securities cancelled from LSE Official List
February 12. Interfax-Kazakhstan. Almaty
Global Depository Receipts (GDR) of JSC Alliance Bank were cancelled from admission to trading on the LSE on February 12.
The securities were cancerlled from the Official List at the request of the company, LSE said in a notification.
Alliance Bank placed Global Depository Receipts (GDR) on the LSE in 2007. Each GDR represented 1/30 of a common share. The banks raised a total of $704 million through the placement.
The major bank’s shareholder, Seimar Alliance Financial Corporation, acted as GDR issuer.
As reported, the restructuring plan covers over U.S.$4.5 billion of the Bank’s financial indebtedness. Pursuant to the terms of the FSA’s approval, the Bank’s restructuring must be completed by not later than 15 March 2010.
Samruk-Kazyna became a 100% shareholder of Alliance Bank on 31 December 2009.
It is expected that in March 2010 Alliance Bank will complete the restructuring process and the shares will be distributed as follows: Samruk-Kazyna will remain the holder of 67%, while the creditors will have the remaining 33%.
In the first half of 2009 Alliance Bank was ranked 49th by assets among the CIS banks and 6th among the Kazakh banks according to the Interfax-1000: CIS Bank ranking prepared by the Interfax Center of Economic Analysis.