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Kazakhstan Government Unable to Sell Nurbank Stake, Cuts Price

Kazakhstan has been unable to sell its shares in AO Nurbank (NRBN), the country’s 14th-biggest lender by assets, through the stock exchange in Almaty.

The government planned to sell 25,625 preferred shares from Aug. 20 to Dec. 30 and raise 289.6 million tenge ($1.9 million), according to a Kazakhstan Stock Exchange statement published on its website today.

“No orders have been submitted for purchasing” of the state’s stake, and the government cut the price to 11,300 tenge a share from 15,500 tenge, the bourse said.

President Nursultan Nazarbayev’s oldest daughter, Dariga Nazarbayeva, and her son Nurali Aliyev ceded a controlling interest in Nurbank, as Sofya Sarsenova, a professor at the Kazakh sports and tourism academy, got the majority in May 2010. Almaty-based Nurbank’s assets shrank 22 percent and cash it sets aside against bad loans almost quadrupled since the sale through November, according to the latest data available on the central bank’s financial oversight committee website.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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