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100% of ordinary shares of SAC LIC JSC offered for sale

There is an announcement regarding sale of 100% of ordinary shares of “State Annuity Company” Life Insurance Company JSC on e-auction.gosreestr.kz e-trading platform. Opening price is KZT 5 200 000 000.00. Applications are accepted until May 18 of this year.
100% of ordinary shares of SAC LIC JSC offered for sale

The tender has set the condition - preservation of the activities of SAC LIC JSC for 10 years. Obtaining of prior written consent of the authorized body for acquiring of the status of insurance holding company (major participant) according to the requirements of Article 26 of the Act of the Republic of Kazakhstan “On Insurance Activity” and the Rules for issue, withdrawal of consent for acquiring of the status of a major participant of a bank, banking holding of a major participant of insurance (reinsurance) company, an insurance holding company, a major participant managing the investment portfolio, and requirements to documents being submitted for obtaining of the above-mentioned consent, approved by the Board of the National Bank of Kazakhstan as of February 24, 2012 №67, is also among the requirements.

In addition, the buyer must agree to dividends payment making of at least 50% of the net profit in favor of the seller for 2017 and following the results of 2018 (after approval of the annual financial statements) in proportion to the period prior the transfer of the ownership right of the state shareholding of LIC JSC to the buyer.

The joint-stock company is on the balance of the Ministry of Labor and Social Protection of Population of the Republic of Kazakhstan. The seller of this transaction is the Public Administration “State Property and Privatization Committee of the Ministry of Finance of the Republic of Kazakhstan”.

Number of shares for sale is 3 560 298.  

It is also noted in the announcement that the average annual number of employees of the company is 141. LIC is located at: 11 Imanov Street, Almaty district, Astana. 

Appraised value –KZT 4 889 103 000,00 . Appraiser: ROST-service LLP. Appraisal date: 25.08.2017. 

Information about financial indicators of SAC LIC JSC can also be find on the website of the electronic trading platform.

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