/KASE, November 12, 08, recent due to the text changing by the issuer/ - Batys
tranzit (Almaty), the listed company of Kazakhstan Stock Exchange (KASE),
provided to KASE the copy of official letter of November 10, 2008 # 834
concerning the placement of its infrastructural bonds KZ2CKY13B996 (KASE
official list, the second subcategory of "Non-rated Debt Securities" category,
BTTRb1; KZT100, KZT18,830.0 m.; March 30, 06 - March 30, 19, the annual
coupon indexed on the inflation rate, 19.20 % APR for the current period, 30/360),
issued within the concession project on construction of inter-regional electricity
lines "North Kazakhstan - Aktobe Region".
According to the above mentioned letter the bond loan size, fixed in the bonds
issue prospectus, has been calculated based on the basic debt size
KZT15,692,710,000 and the assumed interest on bonds for 2.5 years (planned
construction period) based on the rate of 8 % APR.
However, during the concession project implementation the budget cost of the
construction increased from KZT15,692,710,000 to KZT19,898,603,000 (with no
account of the need in the coupon interest payment), which is confirmed by the
government expertise conclusion of March 19, 2007 # 2-115/07 and Order of the
Construction Committee on approval of the project plan of May 15, 2008
# 196-PIP.
Concerning the need in bringing the bonds issue prospectus in line with the
Concession Agreement of January 9, 2006 # 2DP002 Batys tranzit informed the
following:
Quotation start
Previously the Company did not receive requests of the Ministry of Finance on
making changes into the bonds issue prospectus. At that we think there is a need
in including changes into the Contract of Guarantee in order to avoid double
meaning of standards of Concession Agreement, Contract of Guarantee and
bonds issue prospectus.
Thus, the issue of government guarantee is stipulated by the Concession
Agreement. In compliance with sub-item 5) of item 2 Appendix to the Concession
Agreement, the amount of guarantee on infrastructural bond loan complies with
the construction project cost, which is formed from actual initial investment
costs of the concessionaire to the moment of the government registration of the
project property right, which today exceed KZT18 bn.
Due to this we consider necessary to sign the additional agreement to the
Contract of Guarantee # 2DP002 of January 9, 2006 with indication of the
subsidiary responsibility amount for the Issuer obligations fulfillment either in
the amount appropriate to the being transferred to the government construction
project or in the amount, provided by the bonds issue prospectus of Batys
tranzit.
Quotation end
We remind that the Ministry of Finance of the Republic of Kazakhstan provided to
Kazakhstan Stock Exchange (KASE) the copy of letter of October 28, 2008
# DG3-3/11082, addressed to the Agency of the Republic of Kazakhstan on
Regulation and Supervision of Financial Market and Financial Organizations,
where expressed its opinion on the need in prohibition of further infrastructural
bonds issue of Batys tranzit.
References to documents on his topic:
- the letter of Batys tranzit of November 10, 2008 # 834 -
http://www.kase.kz/files/emitters/BTTR/bttr_101108.pdf
- KASE news of November 5, 2008 "The Ministry of Finance of the Republic of
Kazakhstan believes it is necessary to prohibit further issue of Batys tranzit
infrastructural bonds" -
http://www.kase.kz/ru/news/show/1059720
- the letter of the Ministry of Finance of the Republic of Kazakhstan of
October 28, 2008а # DG3-3/11082 -
http://www.kase.kz/files/emitters/BTTR/bttr_minfin_281008.pdf
- resolution of the Government of the Republic of Kazakhstan "On Introduction
of Changes and Additions into the Contract of Guarantee within the
Concession Agreement on Construction and Exploitation of Inter-regional
Electricity Line "North Kazakhstan - Aktobe Region"" of March 18, 2008
# 264 -
http://www.kase.kz/files/emitters/BTTR/bttr_post_180308.pdf
- Contract of Guarantee of January 9, 2006 # 2DP002, signed between the
Ministry of Finance on behalf of the Government of the Republic of
Kazakhstan and ATFBank" -
http://www.kase.kz/files/emitters/BTTR/bttr_090106_agr.pdf
[2008-11-12]