KEGOC (Kazakhstan) to finish the tender among auditors

/IRBIS, Jan.26, 00/ - REUTERS informs, with the reference to the representative of the company, that Kazakhstani electricity network company OJSC KEGOC finishes the tender among international auditors, and the results of the tender will be announced tomorrow. "The biggest companies Price Waterhouse, Arthur Andersen and other companies from the big "six" participate the tender. We must have an international auditing", he said. Previously, Arthur Andersen was the auditor for KEGOC. The company informs that the need for auditing by international standards emerged as a result of future borrowings. $45 mln dollar agreement was signed between KEGOC and EBRD in December of last year to increase the reliability and improve the quality of electricity supplies. The loan was granted for 5 years beginning year 2000 at LIBIOR + 1%. $140 mln loan to Kazakhstan "for the reconstruction of electricity distribution network" has also been approved by the World bank. The loan has been granted for 20 years with 5 year promotional period. KEGOC is fully state owned with about 4,000 employees. Total length of electricity network of the company is 23,462 kilometers.