Kazkommertsbank will sell up to 15% of shares to EBRD in two weeks

/REUTERS, Almaty, Oljas Auezov/ - European bank of reconstruction and development (EBRD) will be able to buy up to 15% of shares of the largest in Kazakhstan Kazkommertsbank in two weeks already, the Kazakhstan bank's press-service informed. "We have finished discussion of all details, we have no open questions", - the press- service quotes the bank's managing director Eldar Abdrazakov. On Thursday the bank declared about floatation of issued again shares 80,779,931 units in number with the face value of KZT10 (18.7% of authorized capital), priority right for purchasing them belongs within two weeks to its present shareholders. "Shareholders have priority right to announce about it (shares purchasing), and the other part will be bought by EBRD", - Abdrazakov said. Kazkommertsbank, which is controlled by management, expects that EBRD will have 15% of shares. Price of shares floatation is KZT88.95 per share. Thus, cost of 15% packet may equal to about $38 m. Before the sides estimated sum of the deal at $30-35 m. Kazkommertsbank's assets as of April 1 of 2003 were equal to KZT286.0 bn. (About $1.9 bn), authorized capital - KZT3.5 bn, shareholders equity- KZT27.3 bn. EBRD is a minor shareholder of the second largest bank in Kazakhstan - TuranAlem, and also actively works with other banks of the country on projects of small business crediting. Total sum of EBRD's investments into Kazakhstan - the biggest object of the bank's investments in Central Asia - since 1991 equaled to almost $1 bn. ($1 = KZT150.76) [2003-05-15]