Results of general annual meeting of Aluminii Kazakhstana OJSC (Kazakhstan) shareholders

/KASE, Dec.8, 00/ - According to the listing requirements, Aluminii Kazakhstana OJSC provided KASE with its protocol of General annual meeting of the shareholders, held on September 27, 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 Aluminii Kazakhstana OJSC: - approved annual financial statements, conclusion of the Revision commission, and the report of the Board of the bank for the year 1999: - decided to pay off dividends on preferred and ordinary shares as 10% of their nominal value; - set Dec 01 2000 as a date of dividends payments for preferred shares (dividends will be paid off only to entities included into registrar by Dec 01, 2000); - set June 30, 2001 as a date of dividends payments for ordinary shares (dividends will be paid off only to entities included into registrar by may 31, 2001); - decided to create reserve fund at the expense of the net income for a total of KZT900.0 mln and development and construction fund for KZT2,331.4 mln; - modified the decision of General shareholders meeting held on Feb 01, 1999 and increased government stake for the account of property in the for a total of KZT7,367,857 (73,678 ordinary shares); - approved modifications and amendments into Statute; - approved the Regulation on voting over Director's Council by default; - approved Global Audit LLP as Kazakhstan auditor and Deloitte & Touche as international one. The shareholders also selected new Council of directors and revision commission. Besides, agenda of the meeting included issue over decision of Aksusk court on cancellation of resolution of extraordinary meeting held on July 24, 1997. This decision consisted of lowering of dividend rate to 10% from 25% on preferred shares of the third issue. One of the shareholder reported that decision of Aksusk court was put in force just after its rejection by regional court council. Presently, obligation of Aluminii Kazakhstana OJSC is not executed. The meeting agreed to: - repay additional dividends in amount of 15% of the face value to the holders of preferred shares for 1997, 1998 and registered in the shareholders register by Sep 27, 2000; - the dividend payment day was set on Dec 27, 2000. However this decision was rejected by majority of votes as the issue is currently being considered by Supreme Court. The chairman of the Board, Ibragimov A.T. noted that in 1999 the company produced 1,15 mln tons of alumina (160.7% to 1998), bauxite production amounted 3.6 mln tons (104.9%), volume of excavations reached 27.1 cubic meters (122.2%), produced electricity - 1.9 bln kWh, heat energy - 5.6 mln Gcl. About $11.8 mln were spent for repairs of the mining equipment. In 1999 the company invested 1.6 bln into fixed assets. Net income of the company amounted KZT5.4 bln. Total number of employees reached 10,186. Average salary is KZT23,003. The company developed new investment program for 2001-2005. The cost of the project is $61 mln. It includes construction of new calcination facility with refrigerator, compressing station and induction furnace construction as well as repairs of some existing facilities. It is expected to use both internal and external funds. As of Jan 01, 2000 31.7% of stakes is held by the government, 28.2% - Kazakhstan Mineral Resources Corporation LLP (Almaty, Kazakhstan), 24.5% - Central Asian Trust Corporation LLP (Almaty, Kazakhstan), 6.7% - Production and financing company "Kara Tas-AA" (Almaty Kazakhstan), 8.8% other shareholders. The official list of KASE securities, category "B" includes ordinary (KZ1C02901519, trade code - ALKZ) and preferred (KZ1AP02901514, trade code - ALKZp) shares of Aluminii Kazakhstana.