1999 dividends to the shares of Halyk Bank (Kazakhstan) - 10.4% of face value

/IRBIS, June 21, 00/ - REUTERS informs that the shareholder of Halyk savings bank of Kazakhstan made a decision to pay dividends to common inscribed shares at 10.4% of face value, as well as to use net income received in 1999 to replenish reserve capital of the bank. Mukhtar Idrisov, the head of finance department said that KZT10.4 dividend would be paid to the shares of the first, second and the third issues with KZT100 face value, and KZT0.5 dividend to each share with KZT100 face value. The shares of the fourth issue were issued on December 14, 1999, is said. It is said that the bank will use 50.17% of its net income to pay dividends, which corresponds to KZT316.253 mln. Last year net income of the bank is said to grow 14% compared to previous year, at KZT630.382 mln. KZT314.128 mln is said to be used to replenish reserve capital of the bank, as it was decided at the shareholders meeting. The Kazakhstani legislation requires that reserve capital of JSC to be at least 15% of its announced authorized capital, whereas Halyk Bank's reserve capital is at 5.5% of its authorized capital, at KZT199.311 bln. Difference is KZT342.954 mln now, said the head of financial department. Authorized capital of the bank reached KZT3.615 bln after it was increased from KZT603 mln in last year. The following is the structure of the bank's authorized capital after the fourth issue of shares held in last year and placed among the shareholders and new investors: the government has 50% plus one share, the consortium Asia-Invest - 16.68%, LLP Delta - 24.99%, bank depositors - 5.33%, legal entities - 2.99%. The bank's 1999 auditing was conducted by Arthur Andersen, is said. It is said that the bank is part of "blue chips" program, though the government is not going to sell its block in the next two years.