Kazakhstan’s Halyk Bank Says KKB Takeover May Take Longer Than Expected

Kazkommertsbank (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated July 5, 2017: quote JSC Kazkommertsbank (hereafter – "KKB") hereby announces on completion of transactions whereby by JSC Halyk Bank (hereafter – "Halyk Bank") acquires common shares of Kazkommertsbank held by Mr. Kenges Rakishev and JSC Sovereign Wealth Fund Samruk-Kazyna subject to the terms of the sale and purchase agreements signed on 15 June 2017. As a result as of 5 July 2017 Halyk Bank holds 96.81% ordinary shares in Kazkommertsbank.

ALMATY, May 16 (Reuters) – The planned takeover of Kazakhstan’s Kazkommertsbank by rival Halyk Bank may take longer than previously expected, Halyk Bank chief executive Umut Shayakhmetova said on Tuesday.

“We had expected to have a clear understanding (of the deal’s details) by the end of May, but the deal is very complicated… and some issues arise,” she told a briefing. (Reporting by Mariya Gordeyeva; Writing by Olzhas Auyezov; Editing by Miral Fahmy)