RG BRANDS LLP (Kazakhstan) eliminates remarks of KASE Listing commission

/IRBIS, Feb 19, 01, new wording of the block dated Feb 16, 01 with additions and corrections/ - RG BRANDS LLP (Almaty; the production and sales of natural juices and beverages, offering marketing services) informed the agency IRBIS (Almaty) that it is eliminating the remarks of the Kazakhstan Stock Exchange (KASE) Listing commission, which were published in the comments of the commission regarding the passing of the bonds the listing of the KASE under category "A". These remarks were published by the IRBIS in its news, as well as in weekly newspaper PANORAMA. In remarks of the KASE listing commission it was said that the company had KZT471.8 mln long-term accounts receivable to be repaid in 5 years in its financial statements for 9 months of 2000. In January 2001 RG BRANDS LLP restructured this liability into short-term liability, which increased up to KZT590.2 mln. Based on the issuer's data, supported by corresponding documents, the principal amount of short-term accounts receivable at KZT557 mln have been paid back now. In its conclusions the KASE Listing commission emphasized transactions conducted by RG BRANDS LLP with related parties. Particularly, it was mentioned that there were significant amounts of other accounts receivable, receipts and payments in the cash flow statement of RG BRANDS LLP, which, in the opinion of the Listing commission, indicates the distribution of money among the subsidiary companies of Resmi Group LLP (Almaty). In its message RG BRANDS LLP informed the agency IRBIS that possible cash flows among the subsidiaries of Resmi Group LLP will become transparent in the future, since based on the KASE requirements, RG BRANDS LLP has to provide the Exchange with consolidated financial statements of Resmi Group LLP on a quarterly basis. In the opinion of RG BRANDS LLP management, the company's ability to meet its bond obligations can not be doubted, since throughout the company's history the partnership had been paying its debt on time, particularly, it has met its obligations on the first bond issue. "The absence of the factors that can stop the payments prove the company as a solid borrower once again", reads the message of RG BRANDS LLP. In characteristics of the risks associated with the change in the legislature, the KASE draws the attention to the changes and amendments to the Regulations on the securities listing of the Exchange that will go into effect on April 1, 2001. These changes and amendments have been approved by the resolution #765 of the National Securities Commission of Kazakhstan Directorate on January 27, 2001. The new wording of the Regulation excludes the presence of the securities issued by the partnerships in the official list of the KASE securities under category "A". For this RG BRANDS LLP replies that presently the company is undergoing the re-registration process from "limited liability partnership" into "open joint stock company". The company plans to meet all necessary requirements of the KASE norms shortly and thus, prevent the risk of lowering the official list category.