Kenges Rakishev to become controlling shareholder in KKB
«07» August 2015, Almaty - JSC Kazkommertsbank («the Bank» or «KKB»), one of the largest banks in Kazakhstan and Central Asia, has been informed by Kenges Rakishev, a major shareholder of the Bank, that he has reached a preliminary agreement with the Alnair private equity group to combine their respective shareholdings in KKB, subject to satisfaction of regulatory and other customary conditions. As a result of the proposed transaction, Mr. Rakishev would acquire legal ownership over the parent entity of JSC Alnair Capital Holding («Alnair»), which currently holds a 28.08% stake in KKB’s issued and outstanding common share capital. In connection with the proposed transaction, Mr Rakishev would become the General Partner of the Alnair private equity group and, as such, would effectively acquire control over voting and other rights of Alnair’s shareholding in KKB.
Upon completion, this transaction will effectively give Kenges Rakishev full control over the voting and other rights of a combined 56.75% stake in KKB’s issued and outstanding common share capital, made up of shares in KKB held by Mr Rakishev directly and indirectly, through Alnair.
Kenges Rakishev proposes to submit all appropriate documentation to the Committee for Regulation of Natural Monopolies and Protection of Competition of the Ministry of National Economy of the Republic of Kazakhstan in the nearest future. Kenges Rakishev and the Alnair private equity group plan to complete the transaction after the expiration of the black-out period (i.e. after the KKB’s announcement of the financial results for the period to 30 June 2015) and the receipt of the antimonopoly clearance.
In accordance with the applicable laws and regulations, Kenges Rakishev has no obligation to make a mandatory offer for the remaining share capital in KKB and does not intend to make such an offer in the context of the proposed transaction.
Kenges Rakishev commented:
«I am pleased to have reached an agreement with the Alnair private equity group to merge our interests in KKB and thus become a controlling shareholder of KKB. I believe that following the recent successful deconsolidation of BTA Bank from KKB and other positive changes, including particularly the appointment of a new generation of leadership at KKB, the Bank should be well-placed to develop as a world-class financial institution. To help further KKB’s development, the Bank will benefit from having a more consolidated shareholder base that will focus on supporting the existing management as they execute their strategy for the benefit of customers, employees, shareholders and for the economy of Kazakhstan as a whole».
Mr Nurzhan Subkhanberdin, a major shareholder and the founder of KKB, welcomed the transaction:
«Kenges and I cooperated very constructively through the extremely complex process of acquisition of BTA Bank by KKB and Kenges and the subsequent de-consolidation of BTA Bank and KKB. He works well with the management team and I am confident his focus and support for the delivery of management’s strategy will enhance the Bank’s performance. In addition, I would like to thank Alnair for their confidence in and support of the Bank during difficult times for the banking system».
Magzhan Auezov, CEO of KKB, said:
«The Bank welcomes Mr. Rakishev increasing his holding and his continued support as we work hard to deliver on the ambitious strategy and to improve our asset profile following the recent transactions with BTA Bank. We are looking forward to the Bank’s further development and we view the consolidation of the controlling stake by Mr. Rakishev as a vote of confidence in the Bank’s growth potential and the strategic approach of the Board and the management team».
Aliya Nursipatova, Alma Buirakulova, Investor Relations
+7 (727) 258-51-25, E-mail: firstname.lastname@example.org
Larissa Kokovinets, Public Relations
+7 (727) 258-54-56, E-mail: email@example.com