Majority owner eyes the sale of a minority stake

Halyk Bank today announced the launch of a fully marketed offering and bookbuilding process for international and domestic investors for at least 12m global depository receipts (GDRs), representing c 4% of Halyk’s outstanding common shares. The GDRs are offered for sale by Halyk’s majority shareholder (ALMEX Holding Group), which currently holds a 69.5% stake (the remaining 30.5% is considered free float). Therefore, Halyk will not issue any new shares nor raise fresh capital in the process. The announcement follows an earlier declaration by ALMEX that, following feedback received from the investment community, it is evaluating ways to improve the liquidity of Halyk’s shares and GDRs, including a potential partial sale of its stake. The...