/KASE, January 15, 13/ - JSC "Halyk Savings Bank of Kazakhstan" (Almaty),
whose securities are officially listed at Kazakhstan Stock Exchange (KASE), has
provided KASE with the following press-release of January 14, 2013:
quote
JSC "Halyk Savings Bank of Kazakhstan" (hereinafter - the Bank) has provided to
JSC "MO "Kazakhstan Mortgage Company" (hereinafter - KMO) to the amount of
KZT14.3 bn. The loan is provided for 5 years for purposes of re-financing the
currency-denominated loan taken from Credit Suisse International in 2007. As a
result KMO's liabilities towards Credit Suisse International have been met in
full.
According to a statement from KMO executives, substitution of currency funds by a
loan in tenge will allow the company to significantly reduce currency and
derivative risks, which in turn will make a good impact on financial results. "We
are happy with our co-operation with Halyk Bank, - said Azamat Ibadullaev, CEO of
"MO "Kazakhstan Mortgage Company". - The loan will allow increasing the company's
financial strength on the eve of the government program "Affordable dwelling -
2020", where KMO is one of operators".
Also the accomplished re-financing deal has considerably reduced the external
debt of Kazakhstan's quasi-sovereign sector. The transaction is a bright example
showing the local financial institutions' capability of financing major government
programs.
unquote
the full press-release is available on KASE website, at
http://www.kase.kz/files/emitters/HSBK/hsbk_reliz_140113.pdf
[2013-01-15]