In connection with reports that JSC "Zhasyl Damu" allegedly became a shareholder of Kcell JSC, we are explaining the nature of the financial transactions carried out.
JSC "Zhasyl Damu" has not acquired shares and is not a shareholder of Kcell in a legal or corporate sense. The placement of the company's funds is carried out strictly in accordance with the Resolution of the Government of the Republic of Kazakhstan N960 dated September 14, 2004, regulating the placement of temporarily available funds of quasi-governmental organizations. In this case, a reverse repo instrument was used, in which temporarily available funds are placed against the security of highly reliable liquid securities, including Kcell shares, with their mandatory repurchase after 30 days.
The transfer of shares as collateral does not give JSC "Zhasyl Damu" corporate rights, does not provide an opportunity to participate in the management of the company and does not mean the actual acquisition of a share. REPO operations are carried out on the Kazakhstan Stock Exchange (KASE) with the involvement of professional market participants and with the mandatory participation of a Central Counterparty* an infrastructure organization that ensures settlements and risk minimization. Thus, the placement of funds of JSC "Zhasyl Damu" secured by shares of Kcell JSC is a short-term exchange transaction that is not an acquisition of shares and does not entail changes in the company's shareholder structure. Zhasyl Damu JSC operates in strict accordance with the norms of current legislation and the principles of transparency in the management of disposal collection facilities.
*A central counterparty is an infrastructural organization of the financial market that assumes the risk of non-fulfillment of the obligation of a financial market participant to supply money or a financial asset by becoming the sole counterparty for all transactions with market participants.
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