OREANDA-NEWS. On May 07, 2008 cKazkommertsbank JSC (Almaty), a listing company of Kazakhstan Stock Exchange (KASE), provided KASE with the press release which informs as follows, reported the press-centre of KASE:

Kazkommertsbank JSC acquired from EBRD 35% outstanding common stock of its subsidiary - insurance company Kazkommerts-Policy. The deal resulted in Kazkommertsbank JSC becoming the sole shareholder of Kazkommerts-Policy. In addition Kazkommertsbank increased the charter capital of its other insurance "daughter" - Company for Life Insurance Kazkommerts-Life
up to KZT1,090 m.

The EBRD deal has been executed as a result of Kazkommertsbank exercising the option for purchase of Kazkommerts-Policy stock, which was specified in the agreement concluded prior by Kazkommertsbank and EBRD.

EBRD has been the major shareholder of Kazkommerts-Policy for the last five years. EBRD contribution to our subsidiary's capital in the capacity of a strategic investor was very essential, as this allowed for managers of Kazkommerts-Policy using the best world expertise in corporate and financial management, and the company becoming one of the Kazakhstan insurance market leaders", - Kazkommertsbank managing director Beibit Apsenbetov noted.

Earlier, Kazkommertsbank, the sole shareholder of the other insurance company - Company for Life Insurance Kazkommerts Life JSC, decided to increase declared stock of Kazkommerts Life by additionally issuing 290,000 common shares. All issued stock for the sum of KZT290 m. was repurchased by the bank having used the pre-emptive right. Prior, Kazkommerts Life charter capital equaled to KZT800 m., and the number of declared shares was 800,000 common shares.

Kazkommerts Life charter capital widening was trigged by requirements of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (AFS) on increase of the minimum margin of paying capacity of life insurance companies, which, respectively, affected the minimum admissible own capital size.