Moscow Exchange to divest stake in Kazakhstan Stock Exchange - National Bank chairman

ALMA-ATA. Oct 11 (Interfax) - The Moscow Exchange has decided to divest is stake in the Kazakhstan Stock Exchange (KASE), Kazakh National Bank Chairman Timur Suleimenov said.

"The fundamental decision for the Moscow Exchange to exit as a shareholder of KASE has been made and supported by colleagues at the Moscow Exchange. I believe this is the right and professional decision," Suleimenov said during a briefing on Friday.

He said that KASE and the Moscow Exchange had a strategic cooperation agreement.

"The Moscow Exchange and KASE collaborated successfully, leveraging each other's technologies, enriching their experience and so on. However, after the Moscow Exchange faced sanctions, they acted as good partners by acknowledging that their sanctioned status would be a hindrance. Therefore, the decision regarding the exit has been made," he said.

The Moscow Exchange will soon cease to be a KASE shareholder, he said.

KASE previously announced plans to negotiate options for buying back shares from the Moscow Exchange or selling them to third parties.