GOVERNMENT BUYS 78.14% SHARES OF BTA BANK

/INTERFAX-KAZAKHSTAN, Astana, January 2, 09, translated into English by KASE/ - The state agency of Kazakhstan for financial supervision (AFS) proposed and the Government agreed to buy a stake in the largest commercial bank of the republic BTA Bank in the amount of 78.14% common shares. "AFS opinion on necessity of additional offering of 29,915,425 common shares of BTA Bank has been prepared; this will consequently form the stake of the State fund Samruk-Kazyna" (in the share capital of the bank. - "IF-K") equal to 78.14% common shares", - head of AFS Elena Bakkhmutova informed at the government meeting on Monday. At that she informed that the amount necessary for the bank complying with capital sufficiency normative equals KZT251.3 bn. (current rate KZT121.47/$1). "In accordance with the legislation the offering price must be determined as on the date of decision (by the Kazakhstan Government on implementation of this measure. - "IF-K"). Accordingly the price of one common share (BTA Bank - "IF- K"), resultant on Kazakhstan Stock Exchange by the moment of trade opening today equals KZT8,401 a share", - she said. The Government voted for adoption of this resolution. "BTA Bank according to results of the first half of 2008 was ranked the seventh among CIS banks and the first among Kazakhstan banks regarding the volume of assets in the Interfax-1000 ranking compiled by Interfax-CEA". Earlier on Monday head of board of directors of the bank Mukhtar Ablyazov stated that the government gained full control under the bank, naming it "abuse of power and state raid". "Actions of the Government show economical incompetence and political short sight of functionaries", - is emphasized in the statement of Ablyazov. End of message INTERFAX-KAZAKHSTAN The aforementioned block of information agency INTERFAX-KAZAKHSTAN has been retranslated by Kazakhstan Stock Exchange (KASE) by the special permit of the director of the agency. KASE is releasing the text in the form it was received by the exchange. [2009-02-02]