Summary of Proposed Investment
Project Number
7288
Company Name
ABN AMRO Registrars
Date SPI Disclosed
Nov 18, 1996
Country
Kazakhstan
Industry
Financial Markets
Status
Completed
Sector
Market Infrastructure (Clearance and Settlement, etc.)
Department
Regional Industry FIG LAC & EUR
Environmental Category
C - No Impact
Previous Events
Approved : Nov 4, 1996
Signed : May 20, 1997
Invested : Jul 7, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | Kazakhstan - Kazak Registry Company |
RegionCentral Asia, Middle East and North Africa
Sector
Project No007288
Projected Board DateDecember 20, 1996
Company NameKazak Registry Company (KRC)
Technical Partner and/or Major Shareholders
ABN Amro N.V (51%) and Global Kazkommerts Securities (29%)
Project Cost Including proposed IFC investment
US$100,000, including an IFC equity investment of $20,000
Location of project and Description of site
Almaty, Kazakstan
Description of Company and Purpose of Project
The project consists of the establishment of the Kazak Registry Company (KRC), which will be the first professional provider of registry services in Kazakstan. KRC will be established in Almaty with a share capital of US$100 thousand and would provide registry services to leading private companies and investment privatisation funds. The project will help develop the equity market in Kazakstan, which currently faces a major constraint emanating from the difficulties encountered in recording the ownership rights of a shareholder. This affects negatively the inflow of foreign portfolio investment as well as the development of a local retail market. This project has been conceived as a response to the lack of independent, reliable and professional share registry facilities in Kazakstan and is expected to have a significant impact on the development of Kazakstan’s capital markets. IFC will make an equity investment of US$20,000 representing 20% of the equity of KRC. The other shareholders will be ABN Amro (51%) and Global Kazkommerts Securities (29%).
Environmental Category and Issues
This is a C category project according to IFC’s environmental review procedure.
| Date SPI sent to PIC | November 18, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
Related ESRS/ERS
