KAZKOMMERTSBANK SIGNS FRAMEWORK AGREEMENT ON CONDITIONS OF SHARE ACQUISITION BY HALYK SAVINGS BANK OF KAZAKHSTAN

02.06.17 20:14
/KASE, June 2, 2017/ – Kazkommertsbank (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release: quote Almaty, June 2, 2017 – On June 2, 2017 Kazkommertsbank JSC (Kazkommertsbank) signed a Framework Agreement (Agreement) with the Government of the Republic of Kazakhstan (represented by the Ministry of Finance of the Republic of Kazakhstan), National Bank of the Republic of Kazakhstan, SWF Samruk-Kazyna JSC (Samruk-Kazyna), NPL Fund JSC, Halyk Savings Bank of Kazakhstan (Halyk Bank), BTA Bank JSC (BTA Bank) and a major shareholder of Kazkommertsbank K. Rakishev (Parties). As previously reported, Mr. Rakishev and Samruk-Kazyna Fund negotiated with Halyk Bank regarding the possible sale of a controlling stake in Kazkommertsbank (Transaction). In this regard, a non-binding Memorandum of Understanding (Memorandum) was signed between the Parties on March 2, 2017. The Agreement is concluded in accordance with the Memorandum and on a legally binding basis stipulates the actions of each Party in the framework of the Transaction. In particular, the Agreement contains: (a) purchase of certain BTA Bank’s assets and rights of claims by NPL Fund; (b) repayment of BTA Bank’s debt to Kazkommertsbank up to KZT2.4 trln; (c) subject to a number of prerequisites, the acquisition by Halyk Bank of Kazkommertsbank’s shares owned by K. Rakishev and Samruk-Kazyna Fund with the subsequent possible Kazkommertsbank’s capital top-up by Halyk Bank to ensure the required capital adequacy level of Kazkommertsbank (Capital Top-up); (d) actual size of Capital Top-up will be determined based on the results of a due diligence, currently held by Halyk Bank and National Bank of the Republic of Kazakhstan; (e) taking into account the size of Capital Top-up (based on the preliminary results of a due diligence by Halyk Bank), the nominal value of Kazkommertsbank's shares purchased by Halyk Bank from Mr. Rakishev and Samruk-Kazyna Fund is KZT1 for each stockholding; (f) Government represented by the Ministry of Finance of the Republic of Kazakhstan and National Bank of Kazakhstan will provide the necessary support to ensure the successful finalization of the Transaction and stability of the financial system. In accordance with the terms of the Agreement, in the near future the Parties plan to sign additional binding documents related to the Transaction, to be announced. Kazkommertsbank continues to work as usual and fully fulfills its obligations to customers, creditors and shareholders. Contacts: Alma Buyrakulova, Vadim Yadrihinsky, Investor Relations Tel: + 7 (727) 2 585-125, E-mail: investor_relations@qazkom.kz Larisa Kokovinets, Corporate Communications Tel.: +7 (727) 2 585-456, 2 585-392, E-mail: pr@qazkom.kz unquote Press release was published on KASE website at: - http://www.kase.kz/files/emitters/KKGB/kkgb_reliz_020617_rus.pdf – in Russian - http://www.kase.kz/files/emitters/KKGB/kkgb_reliz_020617_eng.pdf – in English [2017-06-02]