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Samruk-Kazyna to sell KazKom stake for $433million

28 february 2014, 15:42
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Photo a courtesy of Tengrinews.kz
Photo a courtesy of Tengrinews.kz
The National Welfare Fund Samruk-Kazyna plans to raise $433 million by selling its stake in Kazkommertsbank, Tengrinews reports citing the Chariman of the Board Umirzak Shukeev.

“Overall, we have invested $1.8 billion in the banks, the return after sales deals has already amounted to $1 billion. We plan to raise another $433 million from selling our stake in Kazkommertsbank,” Shukeev said.

KazKom bank's current shareholders are Central Asian Investment Company (23.83%), Nurzhan Subkhanberdin (9.32%), European Bank of Reconstruction and Development (9.77%), Alnair Capital Holding (28.76%) and Samruk-Kazyna Fund (21.26%). The remaining 7.06% belong to minority shareholders.

Shukeev noted that the deals to sell stakes in Alliance Bank, Temirbank and BTA Bank to private investors were timely. “After restructuring, we have sold Alliance Bank, Temirbank and BTA Bank to private investors. The recent information attack one of these banks has proved that it was a correct move. As you know, the new shareholder of Alliance bank attracted his own resources and kept the bank going during the attack. He has grand plans for the development of the bank. If this was not the case, we would have had to invest government money into it (to keep it afloat). In general, we remain a minority shareholders there, ” Shukeev explained.

In December 2013, the Kazakh billionaire Bulat Utemuratov finalized the deal to purchase Alliance Bank and TemirBank from Samruk-Kazyna Sovereign Wealth Fund.

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