Nauryz bank Kazakhstan conducted first share issue for $15 mln

/IRBIS, March 26, 01/ - REUTERS informs, with the reference to the chairman of the Nauryz bank Kazakhstan, the successor of Kazagroprombank, Orazaly Erjanov, that the bank has floated the first issue of shares for $15 mln among its shareholders. The issue prospectus was registered on March 21 and the shares have been already purchased, and another $10 mln share issue is to come in the fall, was said. The bank's new shareholder is the consortium of companies, including NS, Ordabasy, ImTrans and Neftebank from Atyrau, and they have received 100% shares of Kazagroprombank, which has been in conservation since December 1, 2000. By that time Kazagroprombank is said to have had a negative capital of KZT1.1 bln, and liabilities of more than KZT4 bln, of which KZT2.5 bln to be paid to Asian Development Bank and KZT671 mln bank depositors. The chairman said that the floatation allowed the bank to eliminate negative capital of the bank and increase it up to the necessary capitalization level in Kazakhstan. He added that the bank's assets are more than KZT9.7 bln, and shareholders' equity about at KZT2 bln. It was said that the government has made a decision to transfer the right to claim on the ADB loans to the Small entrepreneurship development fund of Kazakhstan. This amount exceeds $16 mln received in two tranches and the approval was obtained from the main borrower, the Ministry of Finance. The Nauryz bank shareholders are said to return about $5 mln to the National Bank, which was paid to the depositors of Kazagroprombank. New bank will work with the population in rural areas through its wide branch network inherited from Kazagroprombank, is said. The bank will also work in other sectors of the economy, including oil and gas sector, he added.