Baku, Azerbaijan, Aug. 12
By Elena Kosolapova - Trend: Kazakh Sovereign Wealth Fund Samruk-Kazyna decreases its share in Kazakh Kazkommertsbank as the bank completed the first part of its common shares buyback under the Option Agreement, the bank reported Aug.12.
The bank will purchase 78,281,769 its common shares, of which 27,281,769 common shares will be bought back from the minority shareholders (holders of common shares and Global Depositary Receipts) and 51,000,000 common shares from Kazakh Sovereign Wealth Fund Samruk-Kazyna within this buyback. The major shareholders of the bank did not participate in the buyback.
Therefore, the bank has started to return the funding allocated by Kazakh Government to purchase the bank's common shares within the anti-crisis program of 2009.
Samruk-Kazyna purchased 165,517,241 common shares of the bank for 36 billion within that program. The Option Agreement allowed the bank and its major shareholders to buy back the common shares from the Samruk-Kazyna within several years. Within the first part of the buyback, the bank will return more than 24.2 billion tenge (182 tenge =$1) to Samruk-Kazyna (payment for 51,000,000 common shares at 475.3667 tenge per common share).
The minority shareholders held 54,957,296 common shares when the buyback offer was announced, and almost half of their shares have been submitted for buyback. As a result, the number of the bank's common shares in free float will be reduced by almost half.
On 11 August 2014 the Bank announced the second part of common shares' buyback under the Option Agreement. The number of common shares announced for buyback (57,000,000 common shares) will cover all the potential bids from the remaining minority shareholders.
Upon registration of all the transactions under the first part of the buyback, the share of Samruk-Kazyna in Kazkommertsbank will reduce from 21.26 percent to 16.35 percent and minority shareholder's share - from 7.06 percent to 3.95 percent.
Meanwhile Central Asian Investment Company's share in the bank will increase from 23.83 percent to 26.49 percent, Alnair Capital Holding's share rise from 28.76 percent to 31.97 percent and Nurzhan Subkhanberdin's share - from 19.09 percent to 21.23 percent.
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.
Edited by C.N.
