JSC Halyk Savings Bank of Kazakhstan's controlling shareholder, JSC Holding Group ALMEX, completed the sale of a 10% stake in the lender.
Under the offering, Almex sold 29.32 million global depositary receipts, or GDRs. at $11.75 apiece for gross proceeds of roughly $344.5 million. Each GDR represents an interest in 40 common shares of Halyk Bank.
Of the 29.32 million GDRs, 23.63 million GDRs were sold to institutional investors outside Kazakhstan, while 5.68 million GDRs were bought by domestic and international investors through the Astana International Exchange.
Closing and admission to trading of the GDRs on the London Stock Exchange are expected to start Oct. 8, while trading in the GDRs and shares on the Astana International Exchange is expected to begin Oct. 9.
Following the completion of the sale, Almex will own approximately 64.7% of Halyk Bank's outstanding shares.
Deutsche Bank AG's London branch, J.P. Morgan Securities PLC and JSC Halyk Finance served as joint global coordinators and, together with Renaissance Capital, as joint book runners for the sale.
