Borsa Istanbul to buy a stake in Kazakhstan's KASE27 october 2014, 15:27
Istanbul Stock Exchange might be a shareholder of KASE, a Tengrinews journalist reports.
According to Kairat Kelimbetov, Central Bank Governor, Istanbul Stock Exchange (BIST - Borsa Istanbul) might be a minority shareholder of KASE. “The Turkish Stock Exchange relies on NASDAQ as a technology partner. Among other things, we are interested in seeing the available technology”, he said.
Kazakhstan has chosen Turkey as its strategic partner. Mid-September KASE signed a framework agreement on strategic cooperation with BIST; the agreement lays foundations for a long-term partnership, including through reciprocal purchase of shares.
“We are buying a share in the Istanbul Stock Exchange, and they are buying a stake in KASE to facilitate exchange of technology and experience”, he said. KASE Press Service elaborated in its press release that the value of the stakes would be announced upon completion of the due diligence, which may take a few month and require outside consultants.
“Upon completion of the due diligence, the parties are expected to sign an agreement on strategic partnership and exchange of shares”, a KASE spokesperson said, adding that the timing and the percentage of shares to be sold would be defined by the Central Bank, the sole shareholder as of now. The spokesperson also said KASE already kept a stake in the Kyrgyz Stock Exchange.