Results of the Extraordinary general meeting of KAZKOMMERTSBANK OJSC (Kazakhstan) shareholders

/IRBIS, Oct 23, 00/ - According to the listing requirements, KAZKOMMERTSBANK OJSC (Almaty) submitted to the KASE the report of the Extraordinary General meeting of shareholders held on Sep 11, 2000. According to the agenda, KAZKOMMERTSBANK OJSC shareholders The shareholders also decreed: - to approve amendments and modifications to the Bank's Regulation to set it in compliance with "Banks and banking activity law of the Republic of Kazakhstan"; - to borrow $20 mln in subordinated loan by means of the bonds issue with the purpose to increase shareholders equity and long-term capital attraction. The bonds parameters: circulation period - 10 years, coupon type - semi-annual. Interest rate will be defined just before the floatation, which could be made in Kazakhstan or in the international markets in the form of eurobonds. Eurobonds could also be issued by several floatations; the right of prescheduled redemption (at face value) at the end of each year might be included as well; - to approve shares value evaluation methodology their repurchase, which can be executed by the decision Directors' Committee. It could be done in case of share cancellation, their redistribution and other reasons stipulated by the Bank's Regulation; - to approve Deloitte & Touche (Almaty, Kazakhstan) as an independent auditor of the bank for year 2000. According to the methodology approved by the KAZKOMMERTSBANK shareholders, repurchase of shares must be done at the price, lower than weighted average rate estimated over the deals made in counter auction mode. These deals should be made for last 30 calendar days prior to the date of repurchase terms announcement, in case if their volume is equal or exceeds repurchase volume. In case of their absence, price of re-purchasing shares is set by Boards of Directors. The official list of KASE securities holding "A" category include following securities of KAZKOMMERTSBANK OJSC: - since Oct 16, 1997 - ordinary registered shares (KZ1C00400415,trade code - KKGB); - since Aug 31, 1999 - registered coupon bonds (KZ72KA7B9A11, ,trade code - KKGBb);