ALMEX Preps to Sell 4% Stake in Halyk Bank Worth 159 Billion Tenge

A stake valued at roughly 159 billion tenge at current market prices is being prepared for sale, Orda.kz reports.

ALMEX Holding, which controls nearly 70% of Halyk Bank, announced plans to sell about 4% of its shares in Kazakhstan’s largest financial institution. The offering includes at least 12 million global depository receipts (GDRs), with each GDR representing 40 common shares.

The book-building process is open to both international and Kazakhstani investors. The GDRs will be offered on the London Stock Exchange (LSE), as well as on AIX and KASE. Ordinary shares are also being offered domestically. Halyk Bank will not receive any proceeds from the sale, as all securities are being sold by the existing shareholder,
 the KASE notice states.

Citigroup Global Markets, JPMorgan Securities, and Halyk Finance are acting as joint bookrunners.

ALMEX says the sale aims to boost share liquidity and attract new investors. The offering size may be expanded depending on market demand.

ALMEX previously noted that the partial sale of Halyk Bank shares is a standard market transaction. The holding company emphasized that the bank’s management structure will remain unchanged and that Timur and Dinara  Kulibayev will continue to hold a controlling stake.

Halyk Bank reported a net profit of 809.9 billion tenge for the first nine months of 2025 — up 27% year-on-year — driven by lending growth, fee and commission income, and insurance operations.

The bank’s assets now exceed 20.4 trillion tenge.

Earlier, MP Marat Bashimov questioned the legality of the name “People’s Bank,” arguing that the word “people’s” could mislead depositors.

Madina Abylkasymova, head of the ARDFM, said the issue would be reviewed.

Original Author: Ruslan Loginov