Kazakh’s Halyk Bank and its biggest shareholder are repurchasing a 19.8% stake in the bank, Reuters reports. Halyk and Almex will jointly spend $226 million for buying back the shares from sovereign wealth fund, Samruk-Kazyna, which also owns 50% of Halyk’s preferred shares. Almex will move part of its call option on the 259 million common shares held by Samruk-Kazyna to Halyk. After the transaction, to be exercised on March 28, Almex will increase its stake in Halyk to 69.3% from 54.4%. Halyk may hold the repurchased common stock as treasury shares and does not plan to resell them.
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