OREANDA-NEWS. On January 15, 2009 Kazkommertsbank (“the Bank”) announced that the Bank, its major shareholders and SamrukKazyna Fund (“the Fund”) signed today agreements on the implementation of the Memorandum of Understanding dated December 9, 2008 on the main conditions of the Bank's participation in the stabilisation programme to maintain volumes of lending to the real sector of the economy, reported the press-centre of Kazkommertsbank.

The parties to the signed documents included SamrukKazyna National Welfare Fund, Kazkommertsbank and its major shareholders including the Central Asian Investment Company (CAIC), Alnair Capital Holding (“Alnair”) and Mr. Subkhanberdin, with joint ownership of 69.89% of total outstanding common shares of the Bank.

The agreements consist of the Implementation Agreement stipulating the terms and procedures of the Fund becoming a shareholder of the Bank, the Shareholders’ Agreement on cooperation between the shareholders and the Bank during the Fund’s involvement with the Bank, as well as the Option Agreement regulating terms and conditions under which the Fund will exit the Bank’s capital.

According to the signed documents, the parties agreed to implement the measures stipulated in the Memorandum on stabilization of the economy and increase the share capital of the Bank through share placement. This will provide additional financing to the real sector of the economy and will help maintain the stability of the financial system.

According to the Memorandum, SamrukKazyna will provide not less than US 300 million in total to the Bank. The shares will be placed in full compliance with the current legislation of the Republic of Kazakhstan, listing rules of Kazakhstan and London Stock Exchanges, pre-emptive rights of current holders of the Bank's shares and GDRs, and the terms and conditions of all international agreements to which the Bank is party.

SamrukKazyna's stake in Kazkommertsbank will be equal to 25% of the total outstanding common stock of the Bank, and the Bank's major shareholders (CAIC, Mr. Subkhanberdin, Alnair and the European Bank for Reconstruction and Development) will continue to maintain control of the bank. SamrukKazyna will not participate in the day-to-day management of Kazkommertsbank.

As the major shareholders (CAIC, Mr. Subkhanberdin, and Alnair) will not execute their pre-emptive rights, they will have an option to buy back SamrukKazyna's shares within a four-year period starting on the first anniversary of the implementation documents.