Kazakhstan’s Halyk Bank Completes Acquisition Of Kazkommertsbank Shares

How Halyk Bank Passed into the State Ownership?

Halyk Bank of Kazakhstan became owner of 99.72% of ordinary shares and 23.55% of preferred shares of Kazkommertsbank (KKB) on August 29, 2017, the Kazakhstan Stock Exchange (KASE) has said in a statement.

Halyk Bank of Kazakhstan has become the holder of 99.72% of ordinary shares and 23.55% of preference shares of Kazkommertsbank (KKB), reads the message of the bank posted by KASE.

“As of August 29 2017 all settlements on purchase of JSC Kazkommertsbank’s ordinary and preference shares, as well as global  depositary receipts representing such issued ordinary and preference shares of JSC Kazkommertsbank announced on 10 July 2017 have been completed in accordance with clause 3 of Article 25 of the Law of the Republic of Kazakhstan “On Joint Stock Companies”.

Upon completion of the transactions for the purchase of JSC Kazkommertsbank’s ordinary and preference shares, as well as global depositary receipts representing such JSC Kazkommertsbank’s issued ordinary and preference shares, the Bank acquired 13,687,609 ordinary shares at KZT 142.67 per share, 31,311 preference shares at KZT 71.55 per share, 3,081,552 global depositary receipts representing  such JSC Kazkommertsbank’s issued ordinary shares at USD0.86 per GDR and14,655,549 global depositary receipts representing such JSC Kazkommertsbank’s  issued preference shares at USD0.43 per GDR.

As of 29 August 2017, the Bank held 99.72% of JSC Kazkommertsbank’s  outstanding ordinary shares and 23.55% of JSC Kazkommertsbank’s outstanding preference shares.

The current exchange rate is 332.19 tenge/$1.

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