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Halyk Bank of Kazakhstan Joint Stock Company (LSE:HSBK) has initiated a global depositary receipts (GDR) repurchase programme following a Board of Directors decision on 16 September 2024. The programme is set to cover up to USD 50 million, aimed at optimizing the Bank's capital structure while adhering to specified thresholds.
Details of the Repurchase Programme
Under this programme, Halyk Bank has appointed Citigroup Global Markets Limited ("Citi") as the riskless principal for purchasing GDRs. Each GDR represents 40 common shares in Halyk Bank, establishing a GDR ratio of 1:40. Citi will acquire these GDRs on behalf of the Bank, with the total purchase price not exceeding USD 50 million. The repurchased GDRs will then be resold back to Halyk Bank. Importantly, the repurchase will not exceed 1% of the total number of issued common shares of the Bank, considering the GDR ratio and the maximum repurchase amount.
Regulatory Compliance and Timeline
All purchases will adhere to the regulations of relevant exchanges and comply with applicable securities market regulations to ensure market integrity and prevent market abuse.
The repurchase programme will commence on 18 September 2024 and conclude no later than 18 September 2025, subject to the specified thresholds and limits.
