Malaysian RAM Holdings buys 15 % share in RFCA rating agency for KZT+26 m.

/INTERFAX-KAZAKHSTAN, Almaty, June 12, 08/ - On Thursday rating agency RFCA JSC (RA RFCA) signed a strategic partnership agreement with the Malaysian rating agency (RAM Holdings), in accordance with which a 15 % share of RA RFCA will be sold to RAM Holdings. "We (RA RFCA. - "IF-K") are selling a block of shares (15 % of the authorized capital). The total sum of the deal slightly exceeds KZT26 m.", the chairman of the Board of Directors of the Rating agency RFCA JSC Aygul Tasbolat announced on Thursday at the press-conference in Almaty. The current KZT/USD rate is - 120.72/$1. "At that, the Malaysian rating agency is entitled to buy an additional shareholding (of RA RFCA - IF.K) of the same size within 3 years, which means they have an option", - she added. Tasbolat noted "the Malaysian rating agency has a good name; its ratings are recognized by the international conformity". "We hope the deal will bring recognition to our rating agency", - she stressed. Meanwhile, the chairman of the Board of RA RFCA Rakhimbek Nesipbayev added at the press-conference, that Kazakhstan agency, signing the agreement with RAM Holdings, did not set the task "to sell a share", but was striving to "attract an experienced strategic partner". "Currently we have about 10 offers (on rating assignment - IF-K) from the Kazakhstan companies; we begin to consider these issues. We were waiting for such strategic partner in order to work in this area jointly. I think that the first results will appear by the end of this year", - he told. According to Nesipbayev "at the beginning, final ratings will be considered by a rating committee of the Malaysian rating agency". Tasbolat announced that the work on the joint methodology will be started right after signing of the contract. "We are planning to finish the work in the autumn of the current year. The next step will include assignment of ratings according to the methodology", - she noted. In his turn the deputy chairman of the state agency for Regulation of Activities of RFCA Chingiz Kanapyanov, who participated in the conference, assured that the rating products of RA RFCA (credit rating, corporate management rating, business social responsibility rating) will be introduced to the market before the end of the current year. As was told by the executive director of RAM Holdings Suresh Menon, before signing the agreement, RAM Holdings has been working on the Malaysian market for more than 17 years. "Our strategy is to diversify our activity within the region, and our entrance to Kazakhstan market is one of the steps to realize the strategy", - he noted. Rating agency RFCA JSC - is a national rating agency, created in 2008 within the frames of the plan on provision of the qualitative interaction with international rating agencies. The activity of the agency is aimed at development of the stock market in the country. RA RFCA provides the services in the field of independent estimation of solvency of borrowing entities with assignment of credit ratings. RAM Holdings Berhad - is the Malaysian number one agency for solvency estimation, registered in November 1990. Since the day of its foundation, the company evaluated near 700 ratings. [2008-06-13]