Press-release completion of exchanging Kazkommertsbank preferred shares offered to Kazkommertsbank common shares
Herewith, JSC Kazkommertsbank (hereinafter - Bank) announces successful completion of exchanging the Bank’s preferred shares offered to its common shares under the conditions, procedures and terms approved by the Extraordinary General Shareholders’ Meeting of the Bank on February 16, 2018 inclusive of the partial buyback of shares upon the shareholders’ request.
A part of the Bank’s preferred shares has been bought back by Bank pursuant to Article 27 of the Kazakhstan Law “On joint stock companies”. The rest of the Bank’s preferred shares were exchanged to its common shares on March 19, 2018. The above-mentioned buyback and exchange were performed for optimization of the Bank’s capital structure.
Therefore, the Bank is currently issuing only those common shares, which are officially enlisted in JSC Kazakhstan Stock Exchange. Common shares announced –
24 175 000 000, inclusive of the common shares offered – 3 027 271 879 and bought back – 113 469 045.