ALMEX Sells 7.6% Stake in Halyk Bank for $475 Million

ALMEX Holding Group has sold a 7.6% stake in Halyk Bank for $475.41 million, with the securities placed on both international and Kazakhstani exchanges, Orda.kz reports.

The sale exceeded initial expectations, as shareholders had originally discussed selling only a 4% stake.

According to KASE:

As part of the SPO, investors were offered 121.8 million ordinary shares at 298.66 tenge and 17.6 million global depositary receipts (GDRs) at $23. Each GDR represents 40 shares. Of the total GDRs, 17.4 million were purchased by institutional investors outside of Kazakhstan. The remaining GDRs and the entire share package went to Kazakhstan-based buyers.

Proceeds from the transaction were received solely by ALMEX; Halyk Bank itself did not receive funds from the placement. The international placement and GDR listing on the London Stock Exchange are expected to be completed on November 25, with trading on AIX and KASE beginning November 26.

Following the placement, Timur and Dinara Kulibayev will retain 62% of Halyk Bank’s shares.

As previously reported, Halyk Bank’s net profit for the first nine months of 2025 reached 809.9 billion tenge — a 27% increase year-on-year — and total assets exceeded 20.4 trillion tenge.

Original Author: Ruslan Loginov