Nearly the entire 3 billion KGS issue of Bakai Bank shares was purchased on the stock exchange in a single transaction

On April 28, a major transaction involving common shares of Bakai Bank took place on the Kyrgyz Stock Exchange. According to trading data, the transaction volume amounted to nearly 3 billion KGS.

According to the exchange, 63.8 million shares were sold in a single transaction at 47 KGS per share, for a total of 2.999 billion KGS. This corresponds to the bank’s previously announced additional issuance of 3 billion KGS.

It was previously reported that the additional issue was to be allocated among existing shareholders in proportion to their stakes to avoid dilution of ownership. This mechanism assumed the participation of all shareholders, with the exception of the state, to which it was decided to pay dividends in cash rather than shares.

However, stock exchange data currently indicates that nearly the entire placement volume was executed as a single block.

Was this a technical consolidation of orders within a single transaction, a buyout by a single participant on behalf of a group of shareholders, or was the placement structure implemented differently than originally stated?

Since, according to the listing prospectus, the issuer has 19 shareholders, the market might have expected a more fragmented placement structure under proportional distribution.

At the same time, 99.53% of the capital belongs to individuals, while legal entities hold only 0.47%. The largest shareholder is Sergey Ibragimov, with a 40.08% stake.