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Kazakh bank JSC Alliance to offer GDRs in London

LONDON. July 9. KAZINFORM. () - JSC Alliance Bank, Kazakhstan's leading consumer lender, said its biggest shareholder plans to sell part of its stake through an offering of global depository receipts (GDRs) on the London Stock Exchange, raising almost 800 mln usd. According to Thomson Financial, in a statement, Alliance said the GDRs will be offered at a price of 14-17.3 usd each, generating gross proceeds of 787 mln usd at the mid-point of the range for Seimar Alliance Financial Corporation, a privately-owned Kazakh investment company. The disposal will reduce SAFC's stake in the bank from 70 pct to just over 50 pct, an Alliance spokesperson said. The final offer price will be set by July 17, when trading in the GDRs is scheduled to begin. The mid-point price of 15.65 usd would imply a total market value for Alliance of 4.5 bln usd. Investment banks Credit Suisse and UBS have been appointed as joint bookrunners of the offer. JSC Alliance's main listing is on the Kazakhstan Stock Exchange. mn/cm2/mn/slm Copyright AFX News Limited 2007. All rights reserved. 09.07.07


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