/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]