Government has determined order of capitalization and privatization of Narodny Bank of Kazakhstan

/IRBIS, Sep.17, 99/ - Resolution of the Government of Kazakhstan #1382 of September 13, 1999 "Some questions of open joint-stock company "Narodny Bank of Kazakhstan" has determined order of further capitalization and privatization of Narodny Bank (Almaty, KASE's official list of securities, category "A"). According to Resolution reduction of a state share in the authorized capital and increase of the authorized capital volume will be carried out through sale of a part of state securities and through additional issue placement. Official press release of Narodny Bank of Kazakhstan informs, that, 1999 the Special General Meeting of the bank shareholders is planed on October 29. The question about the authorized capital increase by registration and placement of the fourth (additional) issue (6, 031,666 common stocks - 20% of the existing capital) will be considered at this meeting. Right of a primary purchase of the shares of additional issue will be given to the bank's shareholders. Press release underlines that only 20% of the state share of securities (80,04% from the authorized capital) will be is sold by the Ministry of Finance of Kazakhstan. If sale will be carried out after new issue placement, this parameter will by diminished to 16.7% from the increased authorized bank's capital. After sale of the shares parcel and the fourth issue placement state will have 50% plus one share. For selection of the advisers for bank privatization, government plans to conduct till October 15 tender among the investment companies, banks and specialized consulting firms. Tender information of the tender Commission was published in the newspaper "Kazakhstanskaia Pravda" of September 17 of the current year.