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Large Kazakh bank to have controlling shareholder

Large Kazakh bank to have controlling shareholder
15:22 7 Avqust 2015
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Baku, Azerbaijan, Aug.7
By Elena Kosolapova – Trend:

One of the shareholders of Kazakhstan’s Kazkommertsbank JSC, Kenges Rakishev intends to become a controlling shareholder, said the message from Kazkommertsbank.

Kazkommertsbank JSC (the Bank or KKB), one of the largest banks in Kazakhstan and Central Asia, has been informed by Kenges Rakishev, a major shareholder of the Bank, that he has reached a preliminary agreement with the Alnair private equity group to combine their respective shareholdings in KKB, subject to satisfaction of regulatory and other customary conditions, according to the message.

As a result of the proposed transaction, Rakishev would acquire legal ownership over the parent entity of Alnair Capital Holding JSC (Alnair), which currently holds a 28.08-percent stake in KKB’s issued and outstanding common share capital.

In connection with the proposed transaction, Rakishev would become the General Partner of the Alnair private equity group and, as such, would effectively acquire control over voting and other rights of Alnair’s shareholding in KKB.

Upon completion, this transaction will effectively give Kenges Rakishev full control over the voting and other rights of a combined 56.75-percent stake in KKB’s issued and outstanding common share capital, made up of shares in KKB held by Rakishev directly and indirectly, through Alnair.

Kenges Rakishev proposes to submit all appropriate documentation to the Committee for Regulation of Natural Monopolies and Protection of Competition of the Ministry of National Economy of the Republic of Kazakhstan in the nearest future.

Kenges Rakishev and the Alnair private equity group plan to complete the transaction after the expiration of the black-out period (i.e. after the KKB’s announcement of the financial results for the period to June 30, 2015) and the receipt of the antimonopoly clearance.

In accordance with the applicable laws and regulations, Kenges Rakishev has no obligation to make a mandatory offer for the remaining share capital in KKB and does not intend to make such an offer in the context of the proposed transaction, said the message from Kazkommertsbank.

Kazkommertsbank is one of the largest banks in Kazakhstan and Central Asia. The bank’s equity for ensuring capital adequacy stood at 416 billion tenges (187.65 tenges = $1) as of December 31, 2014.
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Follow the author on Twitter: @E_Kosolapova

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Xəbərin orijinal ünvanı: http://en.trend.az/business/economy/2422913.html

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