Baku, Azerbaijan, July 23
By Elena Kosolapova - Trend:
Kazakh Kazkommetsbank intends to buy some of its common shares from Kazakh Sovereign Wealth Fund Samruk-Kazyna, the bank said on July 23.
The bank has the right to buy the common shares within the terms of the Option Agreement signed between Samruk-Kazyna, Central-Asian Investment Company, head of the Board of Directors of Kazkommertsbank Mr. Nurzhan Subkhanberdin (as a physical entity), Alnair Capital Holding and the bank itself in 2009 and in accordance with Kazakh laws.
Samruk-Kazyna currently owns 165,517,241 ordinary shares of Kazkommetsbank, or 21.26 percent of all placed common shares.
Moreover the bank extends to offer to other minority shareholders, holding common shares, to buy back its common shares.
Total amount of the bank's common shares announced for buyback will not exceed 79,198,025 at the price of 475.3667 tenge per common share (one GDR is equal to two common shares, the price for one GDR is fixed at 950.7334 tenge).
The Buy Back Acceptance Notice should be made in compliance with required form available at the bank's web-site and be submitted to the bank. A hard copy of the notice is available in the head office or branch offices of the bank.
The notices should be submitted to the bank till 7 August 2014. If the notice is submitted in sealed envelope it should have "consent to sell the shares"note.
Kazkommertsbank is one of the largest banks in Kazakhstan and the Central Asia. The Bank has subsidiaries engaged in the pension system, management of pension and financial assets, insurance and broker services.
The bank also has subsidiaries in Russia, Tajikistan and Kyrgyzstan. The bank's major shareholders are Central Asian Investment Company, head of the Board of Directors Nurzhan Subkhanberdin, Alnair Capital Holding, Kazakh Sovereign Wealth Fund Samruk-Kazyna, European Bank for Reconstruction and Development.
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