Kazkommertsbank signs memorandum of understanding with regard to prospective deal on acquisition of controlling interest by Halyk Savings Bank of Kazakhstan
02.03.17 17:25
/KASE, March 2, 2017/ – Kazkommertsbank (Almaty), whose securities are
officially listed on Kazakhstan Stock Exchange (KASE), today provided KASE
with the following press release:
quote
SC Kazkommertsbank ("KKB") announces that it has on March 2, 2017 entered
into a non-binding Memorandum of Understanding ("MoU") with respect to a
potential acquisition by JSC Halyk Savings Bank of Kazakhstan ("Halyk Bank")
of a controlling interest in KKB (the "Transaction"). The parties to the MoU
include, amongst others, the Government of the Republic of Kazakhstan, the
National Bank of the Republic of Kazakhstan, KKB, Halyk Bank, JSC BTA Bank
and Mr. Kenges Rakishev (being a major shareholder in KKB).
The MoU sets forth the framework and conditions under which the Transaction
may be completed as well as outlines the steps that need to be undertaken by
each of the parties in order to achieve this. The terms and conditions of the
potential Transaction envisage, inter alia, the coverage of possible risks
connected with the loan owed to KKB by JSC BTA Bank.
KKB highlights the non-binding nature of the MoU and notes that the execution
of the MoU does not imply the completion of the Transaction, which is subject to
further actions by the parties and satisfaction of certain conditions precedent
as set out in the MoU.
unquote
[2017-03-02]