Kazakh Samruk-Kazyna reaches agreement on sale of its shares in two banks
Baku, Azerbaijan, Dec. 12
By Elena Kosolapova- Trend: Kazakh Sovereign Wealth Fund Samruk- Kazyna reached an agreement with Kazakh investor Bulat Utemuratov on the sale of its shares in Temirbank and part of its shares in Alliance Bank.
Samruk- Kazyna will sell 79.88 percent of the ordinary shares in Temirbank and 16 percent of the common and preferred shares in Alliance Bank, according to the agreement.
Meanwhile, Samruk-Kazyna will remain the main shareholder of Alliance Bank with 51 percent of the common and preferred shares following the transaction.
Both transactions are still subject to approval by the regulatory authorities, which is expected in the first quarter of 2014.
The buyer intends to hold meetings and negotiations with creditors of Temirbank prior to closing the transaction and, subsequently, to make an offer to minority shareholders of this financial institution in accordance with the requirements of the legislation.
This transaction is aimed at fulfillment of the presidential order to leave the capital of commercial banks to rehabilitate them.
Samruk-Kazyna owns, either in whole or in part, many important companies in the country, including the oil and gas company KazMunaiGas, national rail and postal service, atomic company Kazatomprom, carrier Air Astana and financial groups. The state is the sole shareholder of the fund.