Press Release, 2 March 2017, Almaty
This announcement constitutes inside information
Halyk Bank hereby declares that it has signed a non-binding Memorandum of Understanding ('MoU') with respect to a potential acquisition of a controlling interest in Kazkommertsbank ('KKB'). The parties to the MoU include, amongst others, the Government of the Republic of Kazakhstan, the National Bank of the Republic of Kazakhstan, Halyk Bank, KKB, JSC 'BTA Bank' and Mr. Kenges Rakishev (being a major shareholder in KKB).
The MoU specifies key principles of the potential transaction, including the actions required for its implementation and the participation of the state.
The MoU is non-binding and any potential transaction is subject to customary due diligence by Halyk Bank and the National Bank of the Republic of Kazakhstan, final agreement of its terms between the parties, as well as appropriate internal, corporate and regulatory approvals and other conditions precedent.
Halyk Bank evaluates the potential transaction from the standpoint of the interests of its shareholders and other stakeholders.
As such, any possible decision to acquire a stake in KKB will only be taken in accordance with international standards, international rules relevant to Halyk Bank's London listing of GDRs and the legislation of the Republic of Kazakhstan, following satisfactory completion of necessary due diligence and other procedures, and any subsequent transaction will be entered into on arm's length terms and based upon the principle of fair market value.
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