Halyk transaction boosts Nazarbayev’s IPO plans

By Sam Kerr
07 Oct 2019

Investors are growing more comfortable with Kazakhstan following a $344m trade in Halyk Savings Bank last week, and sources are hopeful the momentum will carry on through to next year as the country’s privatisation wave continues.

On Friday October 4, Holding Group Almex, an investment vehicle run by Dinara Kulibaeva and her husband Timur Kulibayev, sold a 10% stake in Halyk, Kazakhstan’s most prominent financial institution.

Kulibaeva is the second daughter of Nursultan Nazarbaev, the country’s most powerful political figure.

JP MorganDeutsche ...

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