FSA commented on the situation related to defaults on bonds of Kazakh issuers
/IRBIS, November 23, 2010/ - As of November 15, 2010 the number of
issuers are not paid their arrears in the payment of coupon and principal
repayment on the bonds is 30 to 52 issuers of the bond issue, the total par
value of KZT578,275.0 million, indicated in the message of the Agency of
the Republic of Kazakhstan on Regulation and Supervision of Financial
Market and Financial Organizations (AFS).
As noted in the number of these issuers are: JSC "El Doce" (output at
nominal cost - KZT700.0 million) Kazneftehim (KZT4.0 billion), Doszhan
Temir Joly (KZT30.0 billion), Ornek XXI (KZT4.0 billion), Kazakhstan
Company for Investment and Development (KZT3.0 billion), Transstroimost
(KZT5.0 bln ) ROSA JSC (KZT1.8 billion), JSC Build Investments Group
(KZT3.0 billion), LLP Investment Promotion Centre Ltd (KZT1.0 billion), Inc.
Holding Company Capital Invest (KZT5.0 billion), JSC ISKE SAT
COMPANY" (KZT1.0 billion), JSC" Kazakh Distribution Company (KZT1.0
billion), LLP "Alma Grad Real Estate" (KZT800.0 million), LLP "TENIR -
LOGISTIC" (KZT1.2 billion), JSC "GLOTUR" (Glotur) (KZT9.0 billion), JSC
"Zhansaya Produsing" (successor of JSC "Almaty Distillery") (KZT2.0
billion), JSC "Astana Finance" (KZT177.625 million), JSC "Burlingazstroy"
(KZT3.0 billion), LLP Akmola Kurylys Materialdary (KZT5.0 billion), JSC
"REMIX-R" (KZT2.0 billion), KOMBISNAB (KZT2.5 billion), LLP Altyn
AYTAS (KZT1.8 billion), JSC BTA Bank (KZT270.25 billion), JSC "RT-
Holding" (KZT2.6 billion), JSC "ASIA AUTO" (KZT1.0 billion), Ltd. "The plant
of building materials and structures- 2, Kazakhstan Kagazy (KZT23.0
billion), JSC "VITA" (KZT11.0 billion), JSC "Ecotone+" (KZT1.0 billion),
"Karaganda plant asbestos" (KZT3.5 billion).
FSA notes that the number of issuers defaulted is 38 as of November 15,
2010. In this case, 6 issuers (JSC "Alternative Finance"; LLP Agrofirma
Kazexportastyk; LLP Zerenda Astyk, LLP Viktorovskii; LLP Vishnevskaya;
LLP FIRM BABYK-Burluk) to repay its debt, the debt of two issuers (Alliance
Bank, Temirbank) settled through a debt restructuring.
"According to information provided by issuers of the major causes of
defaults on bonds is delayed cash receipts from product sales, decreased
sales, delays in the anticipated receipt of money from consumers," - it's
stated in the message.
It is noted that in order to address the facts of default, according to
information submitted by issuers of taking measures to raise additional
funds, debt collection to meet the commitments, meetings with bondholders
on the restructuring of the obligations on the bonds.
In the framework of statutory powers the FSA on a number of issuers taken,
namely to ensure the rights of investors have decided to suspend the
placement of bonds: JSC "Zhansaya producing" ("Almaty distillery plant"),
JSC "REMIX-R "Kazakhstan Investment and Development Company,
KOMBISNAB, JSC" GLOTUR ", LLP" Investment Promotion Centre LTD ",
LLP" Holding Company, Capital Invest, LLP Altyn Aytas "Astana-Finance
JSC, Asia Auto JSC and RT Holding, Kazakhstan Kagazy, Karaganda plant