Halyk Bank and ALMEX completed a $475 million placement deal

Halyk Bank and its major shareholder, ALMEX Holding, announced the completion of a major transaction involving the sale of shares on the international and Kazakhstani markets. The total volume of the placement amounted to $475.41 million, with the sold securities including both shares and Global Depositary Receipts (GDRs), which will be traded, among other places, on the London Stock Exchange.

As part of the deal, ALMEX offered 17.42 million GDRs to international investors and an additional 121.8 million shares and 205,000 GDRs to participants in the Kazakhstani market. Each receipt corresponds to 40 bank shares. As a result, 7.6% of the shares available for public trading were sold to investors.

The placement price was set at 298.66 tenge per share and $23 per receipt. The bank itself does not receive any proceeds from the transaction; all revenue goes to the selling shareholder.

Following the completion of the placement, ALMEX retains control over the bank and remains the owner of approximately 62% of the shares. The company has also committed not to sell the remaining shares over the next 12 months, a standard practice that signals stability to investors and indicates no short-term exit plans.

Trading of the receipts on the London Stock Exchange is expected on November 25, while local trading on KASE and AIX will take place on November 26.

Global banks Citigroup and J.P. Morgan participated in the transaction, along with Halyk Finance as the local organizer.

Source: Halyk Bank