Subsidiary organization Bank VTB (Kazakhstan) signs KZT1.0 bn loan agreement with Karcement
10.05.17 11:23
/KASE, May 10, 2017/ – Subsidiary organization Bank VTB (Kazakhstan) (Almaty),
whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided
KASE with the following press release:
quote
VTB Bank (Kazakhstan) and Karcement JSC signed an agreement on initiation
of credit line for the amount of 1 billion tenge. The enterprise utilizes the
received finances for production growth. The deal was part of the program by
the Development Bank of Kazakhstan, aimed at development stimulation of
domestic producers.
Karaganda cement plant started its operation in September, 1953 and till present
the enterprise remains one of the largest in the cement industry of Kazakhstan.
The main activity of the company is the processing industry: the production of
cement and reinforced concrete products. The extraction of raw materials for
production of cement (limestone, clay, slag, gypsum, iron ore) is produced
nearby. The coal, which is the main fuel for clinker production, is supplied
from nearby Karaganda and Ekibastuz basins.
- The activities of Karcement JSC has great economic and social effect. The
production of basic construction materials means not only work places and
taxes, it is also a driver for the development of other economy spheres, in
particular the country's construction industry, "says Dmitry Zabello, Chairman
of the Board of VTB Bank (Kazakhstan). - We started cooperation with one of the
largest domestic enterprises of cement industry and are confident that the
development of these partnership relations will contribute to the successful
implementation of the tasks facing the company and country`s economy.
Karcement JSC Plant is the only one in the country which has two high-tech
lines of "dry" cement production method, which produces high-quality products
of M500 brand. The designed capacity is 3.6 million tons annually. The
uninterrupted operation of this production is of great importance for the
development of Karaganda region, the plant ranks among top eight of system-forming
enterprises of the region.
- Cement production allows us to provide work positions in this region, not only
to our employees, but also to the workers of extractive industries, which is
very important for the development of the region. At the moment, the cement
plant provides work positions to over 400 employees, "says Gunn Chi Liong, General
Manager of Karcement JSC. - We are impressed by the fact that VTB Bank
(Kazakhstan) seeks to establish with customers on equal partnership basis on
mutually beneficial terms. When choosing a bank, we took into account such
parameters as: credit rating, quality of service and favorable terms of the
deal. Due to this deal, we are able to increase domestic production volume and
market share, which fully corresponds to the ideas of the state program for
import substitution.
unquote
[2017-05-10]