Development Bank of Kazakhstan CJSC intends to issue bonds in the amount of up to $400.0m

/KASE, September 18, 02/ - Development Bank of Kazakhstan CJSC (Astana), whose bonds are circulating under the stock exchange's official "А" listing category, presented KASE a copy of minutes of the general shareholders meeting, which was held on September 2 of 2002. In accordance with the admitted agenda shareholders of Development Bank of Kazakhstan CJSC took notice of the report about performance of Development Bank of Kazakhstan CJSC budget for the first half year and forecast of budget performance till the end of 2002 and also made the following decisions. To male changes and additions in the bank's charter, which concern the right of the Board of directors to break individual labor contract with the bank's President in case of stoppage of his authorities by his initiative. To approve the new order of choosing an auditing organization for conducting of internal audit of the financial statement of Development Bank of Kazakhstan CJSC. To recognize the procedure of auditing organization choosing for conducting of internal auditing of Development Bank of Kazakhstan CJSC, which had been approved by general shareholders meeting dated December 20 of 2002 as failed one. To approve the deal on increasing of liabilities of Development Bank of Kazakhstan CJSC by means of means attracting in 2002-2005 by means of bonds issue within the framework of the program MTN (Medium Nerm Note Programme) in the amount of up to USD400.0m, which is a large deal. Approved changes and additions in the law of the Republic of Kazakhstan "About Development Bank of Kazakhstan CJSC" and entrusted the bank to continue the work on co-ordination of corresponding changes and additions in the mentioned law in the order, which had been set by the legislation. Besides, shareholders entrusted the bank to continue the work on making changes in the Memorandum about credit policy of Development Bank of Kazakhstan CJSC for 2001-2003. The question on changing of borrowing limit on risk for one borrower must be agreed in advance with the Board of directors of Development Bank of Kazakhstan CJSC. Besides, the shareholders meeting recommended the Board of directors to find a possibility to provide the most qualified employees with lodging while development and approving of the budget of Development Bank of Kazakhstan CJSC in the part of expenses for social sphere, within limits, which had been determined by the Board. [2002-09-18]