Halyk Savings Bank of Kazakhstan signs Memorandum of Understanding with respect to potential acquisition of majority stake in Kazkommertsbank
02.03.17 17:25
/KASE, March 2, 2017/ – Halyk Savings Bank of Kazakhstan (Almaty), whose
securities are officially listed on Kazakhstan Stock Exchange (KASE), has
provided KASE with the following press release:
quote
Halyk Bank hereby declares that it has signed a non-binding Memorandum of
Understanding (“MoU”) with respect to a potential acquisition of a controlling
interest in Kazkommertsbank (“KKB”). The parties to the MoU include, amongst
others, the Government of the Republic of Kazakhstan, the National Bank of the
Republic of Kazakhstan, Halyk Bank, KKB, JSC “BTA Bank” and Mr. Kenges
Rakishev (being a major shareholder in KKB).
The MoU specifies key principles of the potential transaction, including the
actions required for its implementation and the participation of the state.
The MoU is non-binding and any potential transaction is subject to customary due
diligence by Halyk Bank and the National Bank of the Republic of Kazakhstan,
final agreement of its terms between the parties, as well as appropriate
internal, corporate and regulatory approvals and other conditions precedent.
Halyk Bank evaluates the potential transaction from the standpoint of the
interests of its shareholders and other stakeholders.
As such, any possible decision to acquire a stake in KKB will only be taken in
accordance with international standards, international rules relevant to Halyk
Bank’s London listing of GDRs and the legislation of the Republic of Kazakhstan,
following satisfactory completion of necessary due diligence and other
procedures, and any subsequent transaction will be entered into on arm’s length
terms and based upon the principle of fair market value.
unquote
[2017-03-02]