KAZAKHSTAN WILL SELL ABOUT 20% OF THE SHARE OF NARODNY BANK ON THE TENDER BEFORE THE END OF 1999

/IRBIS, Sep.16, 99/ - According to REUTERS, which cites the chairman of board of the Bank Karim Masimov, the Government of Kazakhstan by decree of September 13 has determined order of privatization and capitalization of Narodny Bank of Kazakhstan. Sale about 20% of the state shares parcel and placement of shares the fourth issue are planed in the current year. The question about capitalization and privatization will be discussed on general meeting of shareholders on October 29. Size of the fourth additional issue was determined in volume of 6,031,666 common stocks of 100 tenge per stock nominal (20% from the existing shareholders equity). The same part of its own shares government wants to sell through the tender. For selection of the advisers for bank privatization, government plans to conduct a tender till October 15. The main criterion of privatization - ceiling price for one share. "After sale of the shares parcel and the fourth issue placement state will have 50% plus one share. That means, the state will save the control and management", - has told Masimov. Now state owns 80% of Bank's shares, private investors own 10%, DELTA company possesses 10%, which were purchased by it on the past year tender. Authorized capital of bank - 3.012 billion tenges. After the fourth issue it will increase to 3.615 billion tenges.