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Halyk Bank to buy back its stock

31 march 2011, 02:21
Photo by Yaroslav Radlovskiy©
Photo by Yaroslav Radlovskiy©
Kazakhstan’s Halyk Bank will buy 213 million of its common shares from Samruk-Kazyna National Welfare Fund on March 30-31, Tengrinews.kz reported citing the bank’s press-service.

The shares will be bought back under an option agreement at 126.8 tenge ($0.80) per share. The overall cost of the deal will surmount to 32.8 billion tenge ($225 million).

In the end of May 2009 Samruk-Kazyna bought more than 259 million of the bank’s common shares (19.8 percent of all of its common stock), as well as more than 196 million of the bank’s preferred shares.

As a result of the deal the Fund’s share in the bank exceeded 26.81 percent and was estimated at around 60 billion tenge ($411 million).

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