Alnair buys 8% stake in Kazkommertsbank

Almaty: The UAE's Alnair Capital Holding has bought eight per cent in Kazakhstan's Kazkommertsbank and plans to raise its stake to more than 25 per cent, the bank announced.

"Alnair currently owns 8.03 per cent of the ordinary share capital of Kaz-kommertsbank and has entered into binding agreements to acquire a further 17.12 per cent of the ordinary share capital of Kaz-kommertsbank, conditional on receiving the necessary regulatory approvals," Kazkommertsbank said.

The bank did not say how much Alnair, part of an investment group established with capital from Shaikh Tahnoon Bin Zayed Al Nahyan of Abu Dhabi, was paying for the stake.

Kazkommertsbank chairman Nurzhan Subkhanber-din and the European Bank for Reconstruction and Development will retain their stakes in Kazkommerts which is one of the largest banks in Kazakhstan.

About 19.3 per cent of Kazkommertsbank shares will remain in free float, the bank said.