The microfinance organization «KMF» has announced the dissolution of its LLP structure and its reorganization into JSC «Microfinance Organization ‘KMF’».
The decision was made at an extraordinary general meeting of shareholders held on November 10. This information was published on the website of the Kazakhstan Stock Exchange.
Following the meeting, KMF’s reserve capital was dissolved and transferred to retained earnings, which were then decided to be distributed among all owners of the LLP. It should be noted that KMF is owned by 5 legal entities and 50 individuals. The largest share of the LLP belongs to the corporate fund «KMF-Demeu».
«The net profit in the amount of 49,005,435,098 (forty-nine billion five million four hundred thirty-five thousand ninety-eight) tenge, after deduction of taxes in accordance with the legislation of the Republic of Kazakhstan, shall be allocated for dividend payments to the participants of the Partnership and paid out by December 10, 2023, in accordance with the register of participants», the statement said.
Subsequently, these same funds (even more — 50,008,939,000 tenge) were contributed by the owners to the authorized capital of JSC «Microfinance Organization ‘KMF’».
At the same meeting, the charter of the Joint Stock Company was approved, the management board was established, and its chairman was appointed.
The Tenge editorial team suggests that the news about the transformation of the largest microloan operator «KMF» into a JSC may indicate that the organization could soon become a bank. Discussions about allowing large MFIs to move to a higher level of the financial system have been ongoing for the past two years. Earlier reports indicated that two microfinance organizations — «Solva» and «KMF» — could become banks. Secondly, it is likely that in Kazakhstan a bank can operate only in the form of a joint-stock company. Therefore, the transformation of «KMF» is either an unusual case where it becomes the only microfinance organization in the country operating as a JSC, or a step toward becoming a bank. It is worth noting that currently all microfinance organizations in Kazakhstan operate in the form of LLPs.
There have been no official comments from «KMF» yet. The Tenge editorial team has sent a request to obtain more detailed information.
Source link: https://the-tenge.kz/articles/novii-bank
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