Mangistaumunaigas sold 33.3% of Halyk Bank shares

/IRBIS, Jan 10, 02/ - According to REUTERS, the consortium headed by Mangistaumunaigas sold 33.33% of the Halyk Bank shares. The oil company bought this stake from the government in November 2001. Almaty Merchant Bank OJSC was a financial consultant of the consortium at auction when the latter bought stake for $41m. According to the Deputy Chairman of Halyk Bank, Mr. Satylganov Mangistaumunaigas invited AMB OJSC to be a consultant over purchase of government stake. After auction, consortium examined bank's activity, its development and decided to offer the stake to other companies. Mr. Satylganov was directly engaged in consultations as by that time he was a chairman of AMB. Presently, Mangistaumunaigas has sold its stake to five legal entities: AMB OJSC with 0.4% of shares of the bank; Agys, Dakota, Karat 24, Tara-Invest companies. Mr. Satylganov did not mention distribution of shares but noted that whole stake was sold for the same price - $41.m. As of the end of 2001 authorized capital of Halyk Bank was KZT8.0bn ($53m). Now it require additional capitalization for KZT3.5bn. This issue will be of highest priority on forthcoming meeting of shareholders (January 29). On the same meeting shareholders will elect governing bodies of the bank. NO MERGER WITH AMB Mr. Satylganov said that it is too early to speak about ways to raise capital. No significant changes will happen with structure of shareholders. "The stakes that are currently held by old and new shareholders will be preservde." He added if the bank need some new strategy, no sharp and cardinal changes would be considered. "New shareholders bought shares not for resale purpose but investment into to the bank to raise market value... At present, there are no plans to sale shares in order to create majority interest." Assets of the bank equaled $860m and income $3m as of the end of 2001. Mr. Satylganov denied rumors on possible merger between Halyk Bank and AMB.