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Controlling shareholder launches sale of minority stake in Halyk Savings Bank

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Controlling shareholder launches sale of minority stake in Halyk Savings Bank

JSC Holding Group ALMEX has launched an offering to sell a stake of at least 5% in JSC Halyk Savings Bank of Kazakhstan in an effort to improve the liquidity profile of the lender's global depositary receipts.

Almex wants to sell at least 14.66 million of Halyk Bank GDRs via the offering. The offer size could be increased as a result of a bookbuilding process, which was launched Sept. 30.

Each GDR represents an interest in 40 common shares of Halyk Bank.

The GDRs, which are admitted to trading on the London Stock Exchange, will be offered outside of Kazakhstan to a wide range of qualified institutional investors through an international offering. Almex will also offer the GDRs through the Astana International Exchange, with relevant applications to admit Halyk Bank's GDRs and shares to trading already filed with the exchange. The offering is set to close Oct. 3.

The offering price and the final number of GDRs to be sold under the offering are subject to the agreement between the joint global coordinators and Almex at the close of the bookbuilding process. The results of the transaction will be announced post-completion of the bookbuilding process and closure of the transaction.

Almex currently owns 74.7% of Halyk Bank's outstanding shares, and the remaining 25.3% shares are in a free float, out of which around 16.2% represent GDRs following the lender's 2006 IPO. After the offering, Almex wants to remain a controlling shareholder at Halyk Bank, with a stake not less than 51%.

Deutsche Bank AG, London branch, J.P. Morgan Securities PLC and JSC Halyk Finance will act as joint global coordinators and joint book runners for the offering, while Renaissance Capital will serve as a joint book runner.