AFS: Batys transit (Kazakhstan) unlikely to pay third coupon on infrastructure bonds KZ2CKY13B996 (BTTRb1)

17.04.09 18:10
/KASE, April 17, 09/ - Kazakhstan Financiers' Association (Almaty) send to Kazakhstan Stock Exchange (KASE) letter No. 12-1-3/02/1205 dated April 16, 2009 with attachment of copies of its letter No. 12-2-3/02/1155 dated April 10, 2009 sent to the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (AFS), and replying letter of AFS No. 05-03-21/1729 dated April 13, 2009. The letter dated April 10, 2009 says the Kazakhstan Financiers' Association had addressed to AFS proposing annual coupon payment on infrastructure bonds KZ2CKY13B996 (BTTRb1) of Batys transit (Almaty, hereafter - the Issuer) and indicated the following: Quotation beginning 1. At the time being the Issuer has no required reserve of funds for coupon payment. 2. In this connection the Issuer proposed that holders of infrastructure bonds acquire unallocated bonds under conditions of redemption in the end this year. In case the Issuer in the end of the year can not comply with its obligations on redemption of infrastructure bonds, KEGOC will honor the obligations. Quotation end In its letter dated April 13, 2009 AFS informs "the Agency deems impossible realization of the proposal of the Issuer" and provides reasons to its point of view. According to the prospectus of issue of the bonds Batys transit must pay the third coupon interest in the period March 30 through April 18, 2009. AFS letter No. 05-03-21/1729 dated April 13, 2009 is available at the KASE website at: http://www.kase.kz/files/mix/afn_letter_09_04_13.pdf The letter of Kazakhstan Financiers' Association No. 12-2-3/02/1155 dated April 10, 2009 is available at the KASE website at: http://www.kase.kz/files/mix/afk_letter_09_04_10.pdf [2009-04-17]