VTB funded group of companies of Kazakhstan's gold-mining sector in the amount of up to EUR470.0 mln

03.12.19, 14:10
/KASE, December 3, 2019/ – Subsidiary Organization VTB Bank (Kazakhstan) JSC (Almaty), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated November 29, 2019: quote VTB Group granted a funding loan of up to 470 million Euro to the group of companies of gold-mining sector of Kazakhstan (AK Altynalmas JSC, GMK KAZAKHALTYN JSC, Kazakhaltyn Technology LLP, Aksu Technology LLP). The financing was provided within initiatives of the business development group through construction of new facilities and extension of assets base. The funds received will be intended to purchase by AK Altynalmas JSC of controlling interest in GMK KAZAKHALTYN JSC, realization of Aksu project with the capacity of 5 million ton of ore per year and optimization of debt portfolio of the company. Besides, VTB Capital acted as a financial consultant of AK Altynalmas JSC in purchase of controlling share in GMK KAZAKHALTYN JSC. Aidar Kaliyev, operation leader in Central Asia, senior vice-president of VTB, noted: "Gold-mining sector of Kazakhstan has a huge potential for development! AK Altynalmas JSC is one of the leading companies on this market. VTB Group has a solid experience in structuring of package deals using complex financial tools. Implementation of this deal, including financing for the M&A purposes, refunding of group's credit portfolio and project financing, is a successful example of well-coordinated work of two professional teams. I am confident that our joint efforts will result in successful development of the company AK Altynalmas JSC". "The development strategy of our gold-mining business provides a strong growth in the nearest time through the development of new projects, as well as extension of the assets base through the purchase and organic growth. These plans require diversification of funding sources and starting cooperation with such a major player of the capital market as VTB, makes us sure even more that goals, stipulated by the business development strategy, are achievable", - said Chairman of the Board of Directors of AK Altynalmas JSC, Vladimir Dzhumanbayev. "We highly appreciate the trust, vested on us by VTB Bank, and believe that our cooperation will become an important milestone in the development of gold- mining sector of Kazakhstan. The management has the required (for the achievement of strategic objectives set) experience in construction and operation of large-scale projects in gold-mining industry and we confidently look at the tasks that face us and we are ready to realize them", - said President – Chairman of Board of "AK Altynalmas" JSC, Diyar Kanashev. unquote The full press release is available on KASE website: - https://kase.kz/files/emitters/BVTB/bvtb_reliz_291119_kz.pdf – in Kazakh; - https://kase.kz/files/emitters/BVTB/bvtb_reliz_291119.pdf – in Russian; - https://kase.kz/files/emitters/BVTB/bvtb_reliz_291119_en.pdf – in English. [2019-12-03]