Results of annual general meeting of OJSC "Bank TuranAlem" (Kazakhstan) shareholders

/KASE, Dec.6, 99/ - According to listing requirements OJSC "Bank TuranAlem" (Almaty, official list of securities, category "A") provided Kazakhstan Stock Exchange (KASE) with protocol of shareholders annual general meeting by the results of 1998. At an annual general meeting, which was held on July 15, 1999, shareholders of OJSC "Bank TuranAlem" approved 1998 financial statement audited by "Arthur Andersen" and report of Revision commission, also made the following decisions: - to declare the results of financial and economic activities of the bank in 1998 satisfactory; - not to charge and not to pay dividends for 1998; use the profit received in that year to cover losses of previous years; - to increase announced authorized capital of the bank by 4 bln tenge due to issuance of 400,000 common inscribed shares with 10,000 tenge; to make the offering public; to place part of the shares in international market by issuing American and global depository receipts; - to make changes and amendments to the Charter of the bank due to an increase of announced authorized capital; - to issue inscribed coupon bonds with 100 US dollars par value for an equivalent of 2 bln tenge, and set the coupon rate at 11% APR paid semiannually; - to commission the Board of directors, in order to attract investors, to develop a system of benefits at initial offering of bonds, including a possibility of providing a discount from a par value of the bond. In addition, instead of earlier dismissed members of the Board of OJSC "Bank TuranAlem" (Sartykbaeva M.K., Ayazbaev S., Ten E.E.) new members were elected at shareholders general meeting: Nietkaliev B.J. - President of "Astana-Holding" Corporation, Mukhanbedenov S.G. - President of LLP "SMAT", Majibaev K.K. - Chairman of Supervision board of LLP "Resmi Commerce".