/KASE, September 25, 09/ - GLOTUR (Almaty) informed Kazakhstan Stock
Exchange (KASE) by the official letter on the delay of the coupon interest
payment on bonds KZ2C0Y05C440 (KASE official list, the second subcategory
of "Non-rated Debt Securities" category, GLOTb2; KZT1, KZT9.0 bn; March 20,
07 - March 20, 12, the semi-annual coupon indexed at the inflation rate, 21.50 %
APR for the reporting coupon period; 30/360).
According to the mentioned bonds issue prospectus GLOTUR must have been
paid this interest on March 20, 2009. The prospectus The issue prospectus
stipulates that "in case of non-payment of an interest (coupon) and/or its
principal debt within a period, set forth by this prospectus, an Issuer must pay
to this issue bonds holders a fine for each day of delay, accrued based on the
official refunding rate of the National Bank of the Republic of Kazakhstan on the
day of the monetary obligations fulfillment or its corresponding part".
In the letter GLOTUR informed that:
quotation start
GLOTUR informs on inability to timely fulfill obligations on the coupon interest
payment.
All funds from securities placement were allocated to investment projects and
financial instruments, which did not result in expected financial inflows due to
the world financial crisis.
At present the company management focuses on correction of the situation and
repayment of debts. The management developed a plan allowing repayment of
debts on the coupon and restoring the investors trust. The debt repayment is
planned in the fourth quarter of 2009.
quotation end
We remind that mentioned bonds undergone delisting on KASE on June 2, 2009.
References to similar document:
- KASE news of June 1, 2009 "GLOTUR (Kazakhstan) delays payment of
coupon on bonds KZ2C0Y05C440 (GLOTb2) till September 15, 2009" -
http://www.kase.kz/news/show/1075242
- KASE news of March 20, 2009 "GLOTUR (Kazakhstan) delays payment of
the 4th coupon on bonds KZ2C0Y05C440 (GLOTb2) till May 29, 2009" -
http://www.kase.kz/news/show/1069563
At present sixteen companies, securities of which are present in KASE official
list, informed on inability to fully or partially fulfill their obligations on
bonds. The list of listed companies that defaulted on their bonds, is available on
KASE website in section "Issuers" ("default") at
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.
[2009-09-25]