/KASE, May 7, 09/ - Transstroimost (Almaty Region) informed Kazakhstan
Stock Exchange (KASE) by the official letter on the delay of payment of the sixth
coupon interest on its bonds KZ2CKY05B950 (KASE official list, the first
subcategory of "Non-rated Debt Securities" category, TSSMb1; KZT100, KZT5.0
bn; April 6, 06 - April 6, 11, the semi-annual coupon indexed on the inflation
rate, 12.00 % APR for the reporting coupon period).
According to the mentioned bonds issue prospectus Transstroimost must have
been paid this interest on April 6-17, 2009. The prospectus stipulates that "in
favor of bonds holders a fine is accrued for each day o delay, calculated based on
the official rate of refunding of the National Bank of the Republic of Kazakhstan
on the day of the monetary obligation fulfillment or its corresponding part".
In the letter Transstroimost informs on the following:
quotation start
Transstroimost informs that the sixth coupon period interest payment from April 6,
2008 to April 6, 2009 in compliance with bonds issue terms (NIN
KZ2CKY05B950) is delayed due to the lack of circulating assets. The liquidity
shortage occurred because clients delayed payments for services provided for
the 4th quarter of 2008. In order to decrease the social tension Transstroimost
has to repay debts on employees and workers salaries from inflowing funds on
construction works, and has to pay for raw materials to avoid production failure.
Based on the above reasons Transstroimost proposed to delay the sixth coupon
interest payment till the current year end, having increased the coupon rate to
the maximum rate (from 11.2 to 12). At present not all bonds holders gave an
answer and based on the above mentioned Association of Kazakhstan Financers
proposes to implement on May 8, 09 the working group meeting to discuss this
issue with representatives of Transstroimost and AFS members - Transstroimost
bonds holders. Additional information will be provided based on the meeting
results.
quotation end
Previously KASE published the news of April 20, 2009 "Transstroimost
(Kazakhstan) addressed a request to delay payment of the 6th coupon on bonds
KZ2CKY05B950 (TSSMb1) till the end of 2009" -
http://kase.kz/en/news/show/1071835
At present nine companies, securities of which are present in KASE official list,
informed on inability to partially or fully fulfill obligations to holders of
their bonds. The listed companies, which defaulted on their bonds, is accessible
on KASE website in the section "Issuers" ("default") at address
http://www.kase.kz/en/emitters
KASE reminds that in compliance with the Exchange internal document "Rules of
Exchange Information Dissemination", KASE is not responsible for authenticity of
disseminated information on the Exchange members and securities issuers,
admitted to circulation on the Exchange, if this information is based on messages
and documents received by the Exchange from these members and securities
issuers in pursuance of their obligations to the Exchange. KASE does not validate
the mentioned messages and documents when developing this information.
Individuals, willing to refute the information, published in this message, must
apply to KASE by a corresponding official letter
[2009-05-07]