/KASE, June 9, 11/ - RESMI Group (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press-release of June 8, 2011:

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Over 17 years of its operations the Resmi Group has successfully borrowed from external sources funding plenty of ideas, products and ventures in both real and financial sector of Kazakhstan's economy. Over 30 international and local financial institutions, including Kazkommertsbank, maintain sound and ever developing relationship with our Group. From mid-90's until today the Resmi Group has an impeccable credit history. Because of the strictest approach to selecting projects and partners.

Liabilities of all of the Group's enterprises towards Kazkommertsbank were completely met in 2008, well ahead of schedule - that was our intention - at the peak of the credit crunch, though another yet not less important reason was the Bank's aggressive stance towards its clients, even the old and reliable ones.

We'd like to point out the Resmi Group is not a borrower of Kazkommertsbank, nor has it any obligations regarding this financial institution. The Resmi Group in association with Kazkommertsbank has co-funded the7'Я retail chain's venture acting as a portfolio investor at the same time.

The Resmi Group's executives have decided on providing Kazkommertsbank with a collective guarantee of USD13,500,000 (thirteen million) for the7'Я retail chain's venture, thus taking on collective responsibility for both venture management and Bank's unconditional and meticulous compliance with the agreement made between the7'Я retail chain (Borrower) and Kazkommertsbank.

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The full version of the press-release is available on KASE website, at see more

Earlier there was related KASE news dated June 2, 2011 "Kazkommertsbank (Kazakhstan) files claim to recover debt from supermarket chain 7'Я, Food Retail Invest and RESMI group of companies" - see more

[2011-06-09]