The Kazakhstan Stock Exchange (KASE) will negotiate with the Moscow Stock Exchange to buy back its shares or sell them to third parties. The site fears that the presence of a sanctioned person among its shareholders will limit exchange in establishing business relations with financial organizations and foreign partners, Kursiv writes.
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The sale of a stake in KASE by the Moscow Stock Exchange is necessary to “ensure the continuity of the activities of the Kazakh financial infrastructure,” the platform said in a statement.
- On June 12, the US Treasury included the Moscow Exchange, the National Clearing Center and the National Settlement Depository on the SDN list. In this sense, the Moscow Stock Exchange announced the cessation of trading in euros, US dollars and Hong Kong dollars.
- The next day, KASE declared that US sanctions against the Moscow Stock Exchange would not affect its work. Since the share of the Russian site in the capital of the Kazakh site is not large enough.
- The National Bank of Kazakhstan talked about the possibility of buying the Moscow Stock Exchange’s stake in KASE with its own funds. The local regulator now owns 47%.
Author:
Karina Pardaeva
Source: RB
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