SAFC purchased GDR of its Alliance Bank, circulating on LSE at $5 m.

/INTERFAX-KAZAKHSTAN, Almaty, October 8, 08/ - Seimar Alliance Financial Corporation (SAFC, further - Seimar) under financial market crisis conditions, purchased GDR of its Alliance Bank, which are circulating on London Stock Exchange (LSE) at $5 m., informed foreign relations managing director of Alliance Bank Anvar Khaltaev. "Unfortunately, volume of trades (with shares of Alliance Bank - IF-K) on London Stock Exchange is not big. Volume of trades some days makes $100 th., in other days $1 m." - he said on the press-conference on Wednesday in Almaty, dedicated to the bank's activity results for the first half of the current year. "Seimar started to repurchase. A little less than $5 m. was used for share purchase (GDR. - IF-K). During first days GDR shares decreasing on London Stock Exchange led to quotation at 1 level (1 GDR=$1. - IF-K)" - A. Khaltaev informed. "Seimar began to conduct these operations and they (quotations - IF-K) grew to 3 level (1 GDR=$3 - IF-K). Now these fluctuations are between $2.5 and $3. We think that shares may grow in nearest future" - he added. Seimar Alliance Financial Corporation (SAFC) is the major shareholder of Kazakhstan Alliance Bank. By results of year 2007 Alliance Bank took 18th place on assets volume among CIS banks and the 4th place among commercial banks of Kazakhstan in Interfax-1000: CIS banks ranking, organized by Interfax-CEA. September 19 Vice-Chairman of SAFC Board Saken Seyfulin announced that decision was made on GDR purchase of Alliance Bank, which is circulation on LSE. "We consider this as profitable investment as we are sure in potential and perspectives of Alliance Bank" - he noted. However, supposed volume of GDR redemption of the bank wasn't announced. Along with this, SAFC disseminated message that decreasing of GDR quotations of Alliance bank on LSE is the result of foreign investors` speculative activity. "The major reason of quotations decreasing is foreign investors` panic, aroused by announcement on default of the USA financial market major players. GDR current quotations of Alliance Bank on LSE is the result of foreign investors` speculative activity and doesn't reflect the actual financial status of the bank" - was underlined in SAFC message. SAFC - is the financial holding of investment group Seimar, which was founded in 2006. Business-structure of SAFC includes a long list of daughter companies, which provide full financial service to population and legal entities. The part of it are: Alliance Bank, micro credit organization of Alliance Consumer Finance, insurance companies Garantiya and Alliance life insurance, financial brokers Alliance Finance, Alliance Retail Group and other organizations, providing different types of financial service. [2008-10-09]