The shareholders of HSBK have allowed issue of Eurobonds

/IRBIS, Oct.29, 99/ - According to REUTERS, which cites the Chairman of the bank Board Karim Masimov, shareholders of the Halyk Savings Bank of Kazakhstan (HSBK) have ratified the $400 million limit of external drawing, including $200 million limit for the Eurobonds issue. HSBK has suspended $100 million issue of Eurobonds in 1998 because of the world crisis, and do not hasten with its placement now. "Lehman Brothers, our Lead Manager does not recommend the issue in the near future: market conditions are not so favorable, the price of attraction will be rather high", - has told Masimov. Except Eurobonds issue the bank plans to use syndicated loans and other credits. Masimov has told, that means the from external drawing will be invested in real sector of economy, and also in the development of small and medium- size enterprises and in creation of new enterprises. Till now the limit of HSBK external obligations, according to its chiefs, did not meet the bank's purposes. After tenge devaluation in April the ownership capital decreased appreciably and a limit of the external drawing made approximately $10 million.