KASE to hold talks with MOEX about repurchase of shares or sale to third parties

ALMATY. June 28 (Interfax) - The Kazakhstan Stock Exchange (KASE) will hold talks with the Moscow Exchange (MOEX) about the repurchase of the KASE shares from MOEX or the sale of the KASE shares that are owned by MOEX to third parties.

"In order to ensure the smooth operation of Kazakhstan's financial infrastructure and following the consultations with international legal experts, the exchange [KASE] will hold talks about a possible buyback of its shares from MOEX and/or the sale of these shares to third parties by agreement with KASE," the KASE press service of told Interfax.

On June 12, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on Moscow Exchange, the National Clearing Center (NCC), and the National Settlement Depository.

The National Bank of Kazakhstan is willing to buy the Moscow Exchange out of KASE, Timur Suleimenov, the regulator's chief, said on June 13. He reiterated that several options were under consideration, including the acquisition of shares from the Moscow Exchange.

Moscow Exchange held a 13.1% stake in KASE as of June 1, 2024.

Despite recent developments, the Kazakhstan Stock Exchange and KASE Clearing Center continue to operate normally. KASE has said trading, clearing, and settlements would proceed in accordance with standard regulations.