24.07.2014 - Kazkommertsbank will buy back shares at $5.2 per GDR
Kazkommertsbank offered Samruk-Kazyna and minority shareholders to repurchase 79 million common shares at 475 tenge per share, or $5.2 per GDR (P/B of 1.0x). The buyback will reduce outstanding shares by 10.2%, a half of Samruk-Kazyna's stake of 21.2%. KKB will spend only T37.6bn on the repurchase, constrained by a clause in the company's law, which limits buyout expenses to no more than 10% of its book equity (T376.6bn at the end of March 2014). Assuming all minority shareholders participate, and given that the legislation guarantees equal treatment of Samruk-Kazyna and minority shareholders, the buyback size restriction translates into a purchase of 35.8% of shares owned by these two groups of eligible shareholders..............................................Full Article: Source
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