FMO Sells Holding in TBC Bank Group PLC (“TBC PLC”)

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TBC PLC (LSE: TBCG) was notified on 22 March 2017 by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”) that it has sold its remaining holding of shares in TBC PLC on 22 March 2017. 

The shares sold by FMO were acquired by a number of institutional investors from the UK, USA and continental Europe through an accelerated bookbuild transaction managed by Barclays and Renaissance Capital.

FMO was one of JSC TBC Bank’s (“TBC Bank”) four original International Financial Institution (“IFI”) shareholders, holding 4.4% of TBC Bank’s share capital after the Initial Public Offering (“IPO”) of TBC Bank’s Global Depository Receipts (“GDRs”) in June 2014 and 4.4% of TBC PLC following its listing on premium segment of London Stock Exchange (“LSE”) in August 2016. 

The IFI shareholders held, in aggregate, 55.8% of TBC Bank’s share capital before TBC Bank’s IPO in June 2014 and they sold down their positions to, in aggregate, 13,152,393 shares or 26.7% of TBC Bank’s share capital during its IPO in June 2014. Following TBC PLC’s listing on premium segment of LSE in August 2016, the IFI shareholders held, in aggregate, 23.2% of TBC PLC’s share capital.

After FMO’s exit from its shareholding in TBC PLC, the IFI shareholders’ aggregate holding will (according to TBC PLC’s internal estimates and assuming no other acquisitions by the IFI shareholders) amount to approximately 15.1% of the total share capital of TBC PLC.

Despite exiting its position in the shares, FMO intends to continue its extensive commercial relationship with TBC Bank on the funding side.

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