7th Feb 2007 10:43
JSC Halyk Savings Bank Kazakhstan07 February 2007 JSC Halyk Bank Kazakhstan sold its stake in JSC Halyk Private Equity JSC Halyk Bank Kazakhstan (the Bank) informs about sale of its stake in JSCHalyk Private Equity (the Company) in accordance with the Resolution of theBank's Board of Directors dated 9 January 2007. The Company was 49.9% owned by the Bank and 49% owned by the National InnovationFund of the Republic of Kazakhstan. The primary business of the Company isequity financing of projects in high-tech industry in Kazakhstan. The Companywas established in November 2005 and as at 1 January 2007, its total assetsaccounted for KZT 50 million and shareholders' equity for KZT 50 million, thusrepresenting an immaterial share of the Bank's total consolidated assets. The Company was sold due to new regulatory limitations for commercial banks inKazakhstan in relation to allowed size of ownership in non-financial companies.The changes in regulation were introduced starting from January 1, 2006. Contact details Dauren Karabayev, Managing Director ([email protected]) 007 327 259 88 66 Ainur Ilyassova, Head of FI ([email protected]) 007 327 259 04 27 The Bank is one of Kazakhstan's leading financial services groups, with thelargest customer base and distribution network of any bank in Kazakhstan. TheBank is developing as a universal financial services group offering a broadrange of services (banking, pensions, insurance, leasing, brokerage and assetmanagement) to its retail, small and medium enterprise ("SME") and corporatecustomers. As at 30 September 2006 the Bank was the third largest bank inKazakhstan in terms of total assets. In December 2006 the Bank completed itsinitial public offering of 46,750,000 GDRs offered by JSC Holding Group Almex atUS$16.00 per GDR, each GDR representing four common shares. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Jsc Halyk Reg S