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EBRD buys a stake in a Kazakhstan grain production company

02 april 2012, 16:59
By Yaroslav Radlovsky ©
By Yaroslav Radlovsky ©
European Bank for Reconstruction and Development (EBRD) has purchased 61 280 common shares in the Kazakhstan-based KazExportAstyk grain production company for $45 million, KazTag Agency reports, citing a statement posted at the Kazakhstan Stock Exchange (KASE) website April 2.

“The EBRD’s investment will consist of an equity investment via subscription to newly-issued share capital of KEA worth US$ 45 million. The proceeds of the investment will allow KEA to strengthen its balance sheet structure and position it better for future strategic growth”, the Bank’s statement reads.

According to Gilles Mettetal, the EBRD's Director for Agribusiness, the Bank has had enough opportunities to get to know the Company’s business: the Bank provided a loan worth $35 million back in 2009. This encouraged the Bank to become a long-term strategic investor.

Established in 1999, KazExportAstyk operates primarily in the North Kazakhstan and Akmolinsk areas to produce and export grain, oil seeds, and flour.

According to KASE, as of January 1, 2012 the shareholders structure looked as follows: Mr. Ruslan Moldabekov owned 51.36% of the company’s shares, with the other 48.64% owned by APK Investment Company.

Tengrinews.kz reported mid-March 2012 that the European Bank for Reconstruction and Development plans to finance projects worth Euro 450 million in 2012 alone, Head of the EBRD Astana-based representation office Ms. Anar Omarova said as quoted by KazTag Agency.

According to her, in 2011 the Bank financed a total of 14 projects worth Euro 289 million.

European Bank for Reconstruction and Development (EBRD) has already invested into the Kazakh economy over $ 5 billion, Interfax – Kazakhstan had quoted Finance Minister Bolat Zhamishev as saying early May 2011.

“If we take into account additional funds attracted through the Bank’s partners, the overall figure stands at over $14 billion, with $6.5 billion injected into the infrastructure, $3 billion in the banking sector, $2 billion in power generation and environment projects, and over $2.5 billion into industrial and agriculture projects. In the current year EBRD plans to invest into our economy a total of $1 billion. The Bank’s current obligations to invest into Kazakhstan in future to finance projects in various sectors make up $2.8 billion Euro”, the Minister told a briefing in Astana at that time.

The European Bank for Reconstruction and Development (EBRD) is the first international financial institution of the post Cold War period. It was established in 1991 in response to major changes in the political and economic climate in central and eastern Europe. Inaugurated less than two years after the fall of the Berlin Wall, the Bank was created to support the development of market economies in the region following the widespread collapse of communist regimes.

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