SamrukKazyna Fund acquired 100% of Alliance Bank's shares

In accordance with the agreements reached earlier, the state represented by SamrukKazyna Fund assumes the obligations on intervention in the capital of Alliance Bank provided that the latter successfully completes restructuring its debt. On December 15 the meeting of the Bank's creditors approved the Plan on restructuring the Alliance Bank's debt.

"Thus, the terms of accession of the state to the capital of the Alliance Bank were observed", the Bank's press service informs.

As is known SamrukKazyna Fund is the only stakeholder of the Alliance Bank. "In accordance with the Restructuring Plan the Fund must inject KZT 129 bln into the Bank's capital through acquisition of newly-issued ordinary shares worth KZT 24 bln and conversion of the claims on the Bank's bonds into privileged shares to the amount of 105 bln.

The Plan also provides for participation of its creditors in the Bank's capitalization through converting their claims on bonds into shares.

The Bank plans to finish restructuring by March 2010 after which its shares will be distributed as following: 67% will belong to SamrukKazyna Fund and 33% - to the creditors.