/IRBIS, January 22, 2009/ - The growing negative influence of the world
financial crisis put Kazakhstan securities issuers into fix. During the second
half of 2008 Kazakhstan Stock Exchange (KASE) recorded several cases of
default (default on obligations) on coupon interest payment on coupon
bonds, included into KASE official list. There are 6 listing companies of KASE
declared on inability fully or partially perform obligations before bondholders:
Doszhan Temir Zholy (DTZ), Almaty distillery plant, ICKE CAT COMPANY,
Transstroimost, REMIX-R and ROSA (which January 19, 2009 informed on
payment of remainder of KZT49.0 m. coupon interest to bondholders
KZ2CKY05C040).
Experts participated in the current expert interview of IRBIS Information
Agency of Financial Markets, determined the possibility of this tendency
dissemination to other companies of Kazakhstan real economy sector and
gave recommendations what measures can be done to avoid this situation.
According to analysts, the reasons of default on obligations by the issuers
are not only in deterioration of external background, but in peculiarities of
business conducting by the companies, inflexibility of funding mechanism
and so on. At that, experts estimate the possibility of new cases of default as
being rather high.
More detailed information on expert interview, dated January 22, 2009 is
available at
http://www.kase.kz/files/mix/exp_220109_df.pdf.
The expert interview is conducted weekly on the basis of the most acute questions
of domestic and world markets development. Participants of the interview are
experts of leading Kazakhstan professional participants of financial markets.
For additional information: Tel.: (727) 237 53 28
[2009-01-22]