Almaty Kus OJSC started production at Avat poultry farm

/IRBIS, March 16, 01/ - Almaty Kus OJSC (Chapaeyvo) officially informed IRBIS agency on results of activity of the company during February 2001. Most important event is renewal of Avat poultry farm (Almaty region). On Feb.20, the farm produced first set of eggs since its launching. The farm stared operation in October last year. At present, Almaty Kus fully repaired workshops, necessary infrastructure and created 115 workplaces. Planned volume of production by end of 2001 must reach 25 mln of eggs and 700 tons of meat. At that time, there will be 175 workplaces. Livestock would reach 400 th, monthly volume of eggs production - 5 mln, meat - 30 tons. As a result. Almaty Kus intents to increase its total level of production by 30%. Avar poultry farm was created in 1965. In the beginning of 1998, Altyn Diirmen JSC transferred 66.0% of the farm's shares to "Concern Seimar" OJSC. At present the concern has 85.9% share in the authorized capital of Almaty Kus. Employees of the company possess 34.0% stake. The results of economic evaluation disclosed unprofitablility of the farm. In Aug. 1998 the farm was closed to launch new broiler production. In the framework of short-term diversification program, On April 06, 2000 Almaty Kus OJSC issued bonds of the first emission (KZ2C3AF64A13, trade code-ALKSb, category "A" of the official list; $100; $4.5 mln, April 4, 00- April 4, 01; semiannual coupon - 14.0%, current market yield - 15.8542% APR). The funds raised through emission have financed restructuring of farm towards boiler production and launching of meat processing workshop. Today, Almaty Kus informed that Krilov Aleksandr Fedorovich was appointed as director of the company's production unit, Avate poultry farm. He has been working as deputy director since launching of Avar poultry farm. Besides, Almaty Kus OJSC informed that its successfully accomplished creation of cereal component of mixed fodder stock. The cereal takes 60% of total fodder stocks of the company. This stock will supply four poultry farms: Chapaev, Kaskelen, Abay and Avat). Almaty Kus also informed on appointment of new company's President. By decision of Board of Directors, Seisembayev Erlan Kalievich become newly elected president. He has a bachelor degree in corporate management and finance. He has graduated UCLA university in South California, Strategic management and marketing faculty; management faculty at Santa Monica college; Business Management faculty (AA grade diploma). He has been working as a broker at "Alma" commodity exchange (Almaty), president of KHP Kazakh Un and president of Food Brothers LLP. Almaty Kus also informed that its has continued program of complex management (TAM) created by UN development program and EBRD. From March 5-9 the company expects arrival of veterinary specialist. He will conduct veterinary examination of poultry farms according to international standards. The TAM program will also develop strategic development program for next 5-10 years. The official list of KASE, category "A" includes following securities of the company: - April 4, 2000 - common registered (KZ1C31690513, trade code ALKS) and preferred registered (KZ1P31690518, trade code - ALKSp) shares; - April 11, 2000 - registered coupon bonds (KZ2C3AF64A13, trade code - ALKSb).