ASIA AUTO JSC (Kazakhstan) informed of signing the agreement with GM DAEWOO Auto & Technology JSC on manufacture of three masters Chevrolet

/KASE, March 14, 07/ - ASIA AUTO JSC (Ust-Kamenogorsk), bonds of which are traded in the official list of Kazakhstan stock exchange (KASE) under "А" category, has spread the information message to the following effect: Quotation start Kazakhstan plant ASIA AUTO starts on assembling three models Chevrolet at once. The agreement on this subject with South-Korean subdivision of the leading motorcar construction consortium "General Motors" - "GM DAEWOO Auto & Technology" was signed on March 7 in Ust-Kamenogorsk. It is expected that by June 1 of the current year manufacturing production of the so-called family car "Chevrolet Lacetti", business hard-top "Chevrolet Epica", and the absolutely new master of offroader, represented to the world community just in autumn 2006 - "Chevrolet Captiva" will be started on. Following to the agreement signing ceremony the production director of GM DAT Mr Von Kung Su expressed confidence that this joint with ASIA AUTO project would be successful, since automobiles, having been put into production, employed big popularity of consumers of over 150 countries all through the world. According to results of last year "General Motors" sold 1.3 m automobiles. "I am convinced that ASIA AUTO will occupy the leading position in the market of the Asian region after maintaining the joint project and will contribute to modernization of Kazakhstan economy. Regardless we have our assembling manufactures in Uzbekistan and in Ukraine, capacities of Kazakhstan plant allow it to come into the market of all CIS. Our collaboration will be long-time," Mr Von Kung Su said. The representative delegation of South-Korean office of "General Motors" made such conclusions after close look into all subdivisions of Kazakhstan plant. According to words of the president of ASIA AUTO JSC Yerzhan Mandiev, total investments in the project will make about $50 m. They are not only internal funds of the enterprise and credits. The company ASIA AUTO is the public one, which registered the issue of shares, and it places within the listing of Kazakhstan stock exchange, since any investors, including institutes of development of Kazakhstan, can purchase bonds of ASIA AUTO. That was the first issue, furthermore the company plans to develop this program. From Korean direction, mostly, passing the new technologies and training the personnel of ASIA AUTO at the plants of GM DAT will perform investments. "We will finance not only development of the assembling manufacture, but also outreach of sales networks and services all over Kazakhstan territory," Yerzhan Mandiev noted. "This year we plan to output 1300 automobiles of the master "Chevrolet". "Chevrolet Lacetti" will be produced within three modifications - "hatchback", and also "sedan" and "universal". Spacious and elegant Chevrolet Epica will be highly prized by local businessmen. I think that after Kazakhstanees' own heart the seven-seat all-wheel drive offroader "Chevrolet Captiva" will do well in the market due to climate conditions and road characteristics of our country. Moreover, the production of South- Korean plant General Motors stand for high quality and affordable prices. For example, "Chevrolet Lacetti" of the base assembling will cost from $14 th, "Epica" from $22 th. There is no for a while the final price for the offroader, however, it is clear now that it will be more attractive for consumers compared to the same masters of another brands, up to $30 th," Mandiev raised hopes of Kazakhstan moto-car enthusiasts. Three new masters of "Chevrolet" will seriously broaden the range of cars, produced by the ASIA AUTO. It will allow the plant to confirm its attendance in the market of Kazakhstan and by time it will stimulate the production of componentry at domestic enterprises. Quotation end [2007-03-14]