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Report: Moscow Exchange delays purchase of remaining Kazakh bourse shares

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Report: Moscow Exchange delays purchase of remaining Kazakh bourse shares

PJSC Moscow Exchange MICEX-RTS, or MOEX, delayed the planned purchase of up to 17% shares of Kazakhstan Stock Exchange JSC from 2019 to 2020 due to lengthy corporate procedures, news portal Kapital.kz reported Dec. 10, citing Interfax Kazakhstan.

The Russian stock exchange reportedly said the delay in acquiring the stake does not change its joint plans with the Kazakhstan Stock Exchange, or KASE. A new clearing system was recently launched at the Kazakh exchange as part of the cooperation between the two companies, the news report noted.

Moscow Exchange agreed to purchase a stake of up to 20% in KASE in October 2018, and the transaction was originally supposed to be completed in two stages by the end of 2019. MOEX purchased over 32,000 KASE shares at the beginning of 2019 and held an almost 3.7% stake in the Kazakh stock exchange as of Dec. 1, Kapital.kz said.