OREANDA-NEWS. May 19, 2009. Kazkommertsbank (“KKB” or “the Bank”), one of the leading banks in Kazakhstan, has announced that it has sold 204,328,177 common shares through a capital increase that began on 31 March 2009 and a related placing. As a result of the capital increase, the Bank’s share capital increased by KZT 44.47 billion (US 296 million equivalent). The new shares were priced at US 1.45 per common share and US 2.9 per GDR (representing two common shares), reported the press-centre of Kazkommertsbank.
 
Ms. Nina Zhussupova, CEO of Kazkommertsbank, said:
“Confirmation of the Government’s participation as a shareholder in the Bank through Samruk-Kazyna is good news for our shareholders and our clients. The major objective of our capital increase was to compensate for the shortage of credit available in the Kazakh economy, as well as to ensure the stable operation of the Bank during the global financial crisis.”

The results of the capital increase were as follows:

165,517,241 common shares were purchased by Kazakhstan’s National Welfare Fund Samruk-Kazyna, which was previously not a shareholder, for an amount of KZT 36 billion (US 240 million equivalent);

Several major shareholders of the Bank – Central Asian Investment Company (CAIC), Alnair Capital Holding and Mr. N.S. Subkhanberdin, KKB’s Chairman – did not take up their rights or participate in the increase;

EBRD, a shareholder in the Bank since 2003, took up all its pre-emptive rights and purchased 27,497,588 common shares;

9,704,658 common shares were purchased through The Bank of New York Mellon by holders of GDRs that have common shares of KKB as the underlying asset;

1,618,690 common shares were purchased by minority shareholders in accordance with their pre-emptive rights;

120,661,823 common shares that were authorized were not placed. The Bank has no current plans to place these shares.