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Kyrgyzkommertsbank gets capital boost from Japanese investor

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Kyrgyzkommertsbank gets capital boost from Japanese investor

Japanese company Sawada Holdings Co. Ltd., which is listed on the JASDAQ Securities Exchange, acquired a tranche of shares issued by Kyrgyzkommertsbank OJSC, the lender said June 12.

The Japanese company's investment will allow Kyrgyzkommertsbank to provide better banking products and services, said Chairman Kanat Mamakeev.

The value of the investment and the size of the stake were not disclosed. However, Reuters reported May 24 that Sawada Holdings planned to acquire 990,152 shares of the bank for 495.1 million Kyrgyzstani soms, raising its voting stake in the company to 52.9%, or 1.1 million shares, from 67,929 shares, or 7.8%.

Sawada, which also is a key shareholder in Mongolia-based Khan Bank LLC and Russian lender JSC Solid Bank, acquired the 7.8% stake in Kyrgyzkommertsbank in March from Mamakeev, whose holding in the lender fell to 89.4% after the transaction.

As of June 9, US$1 was equivalent to 68.32 Kyrgyzstani soms.