/KASE, October 3, 14/ – Kazakhstan Kagazy JSC (Almaty region, hereinafter – the
company), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE),
has provided KASE with the following press-release:
quote
Kazakhstan Kagazy PLC (KK) and Alliance Bank JSC (Alliance) are pleased to
announce that they have agreed terms upon which KK Group’s outstanding loan
indebtedness to Alliance Bank (totalling about KZT15.3bn, including interest and
penalties) will be fully and finally settled.
Under the terms of the signed settlement agreements, KK will transfer its
selected non-core assets, including land plots and Class B warehouses to
Alliance. As a result, KK will exit the logistics business. The settlement will
allow KK to reduce significantly its overall debt level and free financial and
management resources to focus on the company’s core growing and profitable
recycling and paper manufacturing operations.
unquote
The full press-release is available on KASE website in Russian at
http://www.kase.kz/files/emitters/KKAG/kkag_reliz_031014.pdf
[2014-10-03]