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EBRD purchases 15% stake in Kazkommertsbank for USD 30.6mn

The EBRD has purchased a 15% common stake in Kazkommertsbank for USD 30.6mn, KZ Today informed.

The stake also equals 12.92% of the bank total shares. However, after this purchase, the control stake would remain with the bank management.

EBRD investments in Kazakhstan have totalled USD 1bn since 1991.

In its turn, Kazkommertsbank plans to issue bonds worth USD 49mn with a maximum 3-year maturity period and floating coupon rate. The coupon will be fixed at 9% p.a. during the first year of circulation. Afterwards it will be fixed by the bank's board on an annual basis depending on the situation of the market.

It should be mentioned that in April, Kazkommertsbank successfully placed its 10-year eurobonds amounting to USD 500mn at 8.5% p.a.

On a different note, Kazkommertsbank shareholders earlier approved the borrowing limit of USD 750mn for 2003-2004.

(IntelliNews 09.vi.03)

 
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