Results of general annual meeting of OJSC "Temirbank" (Kazakhstan) shareholders

30.05.00 00:00
/KASE, May 30, 00/ - According to the listing requirements, OJSC "Temirbank" (Almaty, official list of securities, category "A") provided KASE with its protocol of General annual meeting of the shareholders, held on April 28, 2000, as well as with the report of the Board and the conclusion of the Revision commission made by the results of the year 1999. Based on the published agenda, the shareholders of OJSC "Temirbank": - approved annual financial statements, conclusion of the Revision commission, and the report of the Board of the bank for the year 1999: - approved the distribution of net income received in 1999 that amounted to KZT98,687 th., of which: dividends to preferred shares equaled KZT2,499 th. (25% of face value), to common shares - KZT9,513 th. (1% of face value), allocation to the account "Undistributed net income (uncovered loss) of previous years" - KZT86,675 th.; - approved a new edition of the bank's Charter with the changes and amendments made in it to make it in conformity with current legislature. - made a decision to issue the company's own bonds to raise additional funds for certain projects (volume and structure of the issue will be determined by the Board of directors later); - dismissed previous Board of directors and elected a new one (with the purpose of raising the proportion of "independent" directors up to 50% in accordance with the Law "On joint stock companies" for people's companies) with the following members: Dosmakova S.A., Guslyakov V.G., Tashpulatova S.A., Ryskojaev N.S., Dildyaev Ya.G., Redko N.D. Besides, the shareholders elected new members of the Revision and Accounting commissions of the bank. The chairman of the Board, Tashpulatova S.A. noted that presently, OJSC "Temirbank" is one of the biggest private banks in Kazakhstan, with the fourth place by the number of branches (25) and settlement-cashier departments (8). The bank was placed into the first group of banks who are going to switch to international standards, is a member of the system of mandatory collective insurance of the deposits of private persons. In 1999 international rating agency Thomson Bank Watch confirmed long-term credit rating of the banks at "B", at sovereign rating of Kazakhstan. In 1999 the bank conducted the 10th issue of its shares, increasing its authorized capital to KZT1.40 bln. As of January 1, 2000, loan portfolio of OJSC "Temirbank" was more than KZT5.7 bln, and grew 2.3 times relative to 1998. In 1999 the bank granted loans for KZT14.3 bln, 83% more than in previous year. It is also said that in 1999 the bank had worked actively with international financial institutions such as: - Asian development bank (agricultural producers support program); - Central Asian American Fund for Supporting Entrepreneurship (small business financing program); - CJSC "Fond razvitya malogo predprinimatelstva"; - European bank for reconstruction and development (small and mid-sized business support program). Moreover, the bank has credit lines of foreign banks, that can be used to receive a confirmation on letters of acceptance and warrantees, including: Commertzbank AG for $1.0 mln, Demir Kazakhstan Bank - for $2.0 mln, ABN AMRO Bank Kazakhstan - for $1.0 mln, Citibank - for $1.0 mln, HSBC - for $500 th. The bank became the fourth authorized bank under the program of the government to support domestic producers which has already financed 4 projects for a total of 1,592.5 th. U.S. dollars: - Construction of a cable plant - JSC "Kazenergokabel"; - Cold galvanizing line at Shymkent plant of electric items - JSC "Electromontaj"; - Production of oriental sweets and sunflower oil - LLP "Agroprodukt"; - Production of pills at Pavlodar pharmaceutical plant - LLP FK "Romat". Using the funds provided by Asian development bank the project "Complex of freezing and cooling equipment for processing and selling fish and fish products" was financed - LLP "Aktilek" (Uralsk). The development of the bank is based on the expansion of deposits base. The volume of transactions with the deposits increased 4.5 times in 1999, and total amount of deposits grew 1.7 times, at more than KZT6 bln. Remaining amounts on deposits of private persons increased by 81.4% relative to 1998, which shows increasing trust in the bank. In 1999 OJSC "Temirbank" opened two branches in Jezkazgan and Karagandy, and one settlement-cashier department in T.Ryskulov community. The number of employees as of January 1, 2000 is 897, including 272 in the head office.