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LAW OF THE KYRGYZ REPUBLIC

of March 1, 2024 No. 63

About acquisition of the Kyrgyz Republic of the block of shares of Keremet Bank open joint stock company by the Cabinet of Ministers at National Bank of the Kyrgyz Republic

Accepted by Jogorku Kenesh of the Kyrgyz Republic on February 14, 2024

Article 1.

This Law regulates procedure and conditions of acquisition by the Cabinet of Ministers of the Kyrgyz Republic (further - the Cabinet of Ministers) the block of shares of Keremet Bank open joint stock company (further - JSC Keremet Bank) belonging to National Bank of the Kyrgyz Republic (further - National Bank).

Article 2.

The Cabinet of Ministers on behalf of the Ministry of Finance of the Kyrgyz Republic (further - the Ministry of Finance) acquires packet of the common nominal shares of JSC Keremet Bank (further - the block of shares) belonging to National Bank in number of 84770588 (eighty four million seven hundred seventy thousand five hundred eighty eight) pieces which make percent 97,45 from total quantity of common nominal shares of JSC Keremet Bank, way of money transfer into the account of National Bank according to this Law.

Article 3.

1. Acquisition by the Cabinet of Ministers on behalf of the Ministry of Finance of the block of shares of JSC Keremet Bank, belonging to National Bank, is performed with the following provisions:

The Cabinet of Ministers on behalf of the Ministry of Finance acquires 1), and the National Bank transfers the block of shares of JSC Keremet Bank in number of 84770588 (eighty four million seven hundred seventy thousand five hundred eighty eight) pieces belonging to National Bank;

2) the price acquired by the Cabinet of Ministers on behalf of the Ministry of Finance of the block of shares is determined as market value and constitutes 7126432000 (seven billion hundred twenty six million four hundred thirty two thousand) som in case of the investment investments performed by National Bank in JSC Keremet Bank in the amount of 8216574400 (eight billion two hundred sixteen million five hundred seventy four thousand four hundred) som;

3) money transfer in the amount of 7126432000 (seven billion hundred twenty six million four hundred thirty two thousand) som is performed by the Cabinet of Ministers on behalf of the Ministry of Finance into the account of National Bank within thirty days from the date of entry into force of this Law;

4) the transfer of property on the block of shares from National Bank to the Cabinet of Ministers on behalf of the Ministry of Finance is performed no later than thirty days from the date of money transfer into the account of National Bank in time;

5) transition of the property right to the block of shares of JSC Keremet Bank from National Bank to the Cabinet of Ministers on behalf of the Ministry of Finance according to this Law is exempted from any sales charges and duties, stipulated by the legislation the Kyrgyz Republic;

6) acquisition by the Cabinet of Ministers on behalf of the Ministry of Finance of the block of shares is performed out of stock exchange by direct transfer of money into the account of National Bank and entering of the corresponding records into the register of owners of personalized securities of JSC Keremet Bank;

7) acquisition by the Cabinet of Ministers on behalf of the Ministry of Finance of the block of shares within this Law does not require holding procedures of receipt of permission of National Bank to acquisition of threshold equity participation of JSC Keremet Bank.

2. The difference between the performed investment investments of National Bank in the amount of 8216574400 (eight billion two hundred sixteen million five hundred seventy four thousand four hundred) som in JSC Keremet Bank and the cost of the block of shares in the amount of 7126432000 (seven billion hundred twenty six million four hundred thirty two thousand) som constitutes 1090142400 (one billion ninety million hundred forty two thousand four hundred) som and is net loss of National Bank for the period of ownership of the block of shares of JSC Keremet Bank.

Article 4.

1. This Law becomes effective after ten days from the date of official publication.

2. To the Cabinet of Ministers to provide corresponding changes by preparation of the bill of the Kyrgyz Republic "About introduction of amendments to the Law of the Kyrgyz Republic "About the republican budget of the Kyrgyz Republic for 2024 and planning period of 2025-2026".

3. In case of collisions between regulations of this Law and regulations of other laws of the Kyrgyz Republic regulations of this Law are applied.

4. To the Cabinet of Ministers on behalf of the Ministry of Finance and to National Bank within ten days from the date of entry into force of this Law to sign the relevant agreement on acquisition of the block of shares.

President of the Kyrgyz Republic

S. Zhaparov

 

 

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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