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Samruk-Kazyna sells out its shares in Temirbank

July 8, 2014

Samruk-Kazyna fund has sold out its shares in Temirbank, according to Kazakhstan Stock Exchange KASE.

Samruk-Kazyna has completed transaction on selling all of its 79.88% of shares in Temirbank.

In 2013, the fund finalized negotiations on sale of shares in Temirbank and Alliance bank to Bulat Utemuratov.

The millionaire agreed to buy 79.88% of ordinary shares in Temirbank and 16% of ordinary and preferred shares in Alliance Bank.

A binding agreement was signed. This left Samruk-Kazyna free of any holdings in Temirbank, but still the main shareholder of Alliance Bank with 51% of ordinary and preferred shares, Tengrinews said.

The Central Bank of Kazakhstan approved the deal between Samruk-Kazyna and Utemuratov.

Deputy Chairman of Samruk-Kazyna National Wealth Fund Yelena Bakhmutova said that the fund's withdrawal from these two commercial banks is a step towards stabilization of the financial sector.

Both bank's are in Kazakhstan's top 10 by assets.

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Source: AKIpress News Agency (Kyrgyz Republic)

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