Kazakh Alliance Bank plans GDR issue in 2006

/Almaty bureau REUTERS, Oljas Auezov, November 23, 05/ - Kazakhstan's Alliance Bank plans to raise more than $100 million through a debut GDR issue next year, the bank said in a Eurobond issue prospectus filed with the London Stock Exchange. Major banks in the oil-rich Central Asian state have been growing rapidly in the last few years and need fresh capital to support further expansion. "In the first half of 2006, the Bank intends to issue its first global depositary receipts and to list them on a major European exchange", Alliance said in the prospectus for its 2010 eurobond issued last week. "The amount of this issuance is yet to be determined, but it (is) likely to exceed $100 million," the prospectus, posted on the LSE's Web site, said. Alliance Bank's assets totalled $1.6 billion as at June 30 and its shareholder capital stood at $122.8 million. According to the prospectus, the bank's major shareholder is Seimar Investment Group, beneficially owned by Kazakh businessman Margulan Seisembayev and his relatives. [2005-11-23]