Results of an annual shareholders general meeting of KAZAKHTELECOM
/KASE, Sep.15, 99/ - "KAZAKHTELECOM" (Almaty, official list of securities,
category "A") provided Kazakhstan stock exchange (KASE) with the protocol
of shareholders general meeting by the results of 1998.
At annual shareholders general meeting of "KAZAKHTELECOM", held on
August 31, 1999, the shareholders and their authorized representatives with
total holdings of 83.72% voting shares participated.
According to agenda of the meeting the shareholders:
adopted an audited financial report of the company for 1998;
assigned "Deloitte & Touche" (Almaty, Kazakhstan), which was a company
auditor in 1998, as an auditor of "KAZAKHSTAN" for years 1999-2000;
declared dividends to preferred shares of the company for 1998 at 30% of
par value with actual payment start date - December 31, 1999, and ending
date - March 31, 2000.
Shareholders of "KAZAKHTELECOM" assigned "Kazakhstanskaya pravda"
and "Egemendi Kazakhstan" newspapers as printed media for publishing
annual and quarterly balances and income statements (due to its renaming
to people's joint stock company), and made some changes to the Charter.
The matter regarding the interest of "KAZAKHTELECOM" in other economic
entities was passed by shareholders to the Board of directors to decide.
Moreover, the shareholders were offered to examine the matter of possible
conversion of preferred shares into common shares. on this matter the
shareholders decided to:
remove this item from the agenda of the meeting;
order the Board to work out mechanisms of converting preferred shares into
common shares, and pass it to the next shareholders general meeting.
It was the first time when the matter on conversion of preferred shares into
common shares was included into an agenda of shareholders general
meeting of "KAZAKHTELECOM", held November 23, 1998. At that time,
according to the protocol of the meeting the government was against this
conversion due to appearance of an expected strategic partner, hence, the
matter was removed from an agenda.