Almaty, 14 June 2017 – Notice is hereby given that JSC Kazkommertsbank (“KKB”) intends to delist and cancel KKB’s Global Depository Receipts representing interests in KKB’s common shares ("GDRs"), which will result in cancellation of the trading of its GDRs on the London Stock Exchange. Such delisting is expected to take effect from 12 July 2017.
1. Name of issuer
2. Securities subject to delisting
Rule 144A and Regulation S/ISIN: US48666E5096 AND US48666E6086, respectively.
3. Background and Reason for delisting
The delisting is undertaken following comprehensive review by the management of the Company of the recent trading patterns of the GDRs in the LSE and is aimed at optimizing the Company’s internal procedures and costs. At present, the Company has no plans to access the international equity capital markets and thereby considers further maintenance of the listing in the LSE as inconsistent with the Company’s strategy and funding plans.
On 29 May 2017, KKB served notice to terminate the underlying Deposit Agreement between Bank of New York Mellon (the “Depositary”) and KKB (the “DA”). Consequently, the termination of the DA is expected at the close of business London time on 27 August 2017 (the “Termination Date”). During the period beginning on the date hereof and ending on the Termination Date, the existing holders of GDRs may determine whether they would like to retain their interest in the equity shares of KKB.
If any holder of the GDRs does not surrender their GDRs prior to the Termination Date, they will lose the right to receive those equity shares and instead will be entitled, upon subsequent surrender of the GDRs, to receive the net proceeds of the sale of those equity shares in accordance with the terms of the DA. The date on which the Depositary will sell remaining deposited equity shares has not been determined but it will not be earlier than the Termination Date.
4. Date of Suspension/cancellation
Pursuant to LR 5.2.8, please consider the required 20 Business Days notice period for the intended cancellation commenced since the date hereof. The delisting of KKB’s GDRs is expected to take effect at or about 8:00 a.m. on 12 July 2017.
5. Regulated Investment Exchange on which securities are traded
KKB maintains its existing listing of common shares on KASE in the Republic of Kazakhstan.
6. Conditional Delisting
Please note the proposed delisting is subject to the prior approval by the General Shareholders Meeting of the Company scheduled for 30 June 2017.
Alma Buirakulova, Investor Relations
Vadim Jadrikhinsky, Investor Relations
Tel: + 727 2582125
Larissa Kokovinets, Corporate Communications
Tel: +727 2585456