Kazakhstan Mortgage Company CJSC has got status of financial agency

/KASE, August 13, 03/ - On July 25 of 2003 by the resolution of the National Bank of Kazakhstan, Kazakhstan Mortgage Company CJSC (Almaty) has been assigned the status of financial agency. The official notification, which the company presented to Kazakhstan stock exchange (KASE) today, says about it. "Assigning of financial agency's status will let significantly increase investments attractiveness of the Company's bonds in order to minimize cost and prolong terms of borrowings, which are attracted for development of mortgage crediting system", - says the notification. According to the law "About securities market" dated July 2, 03 financial agency is a bank or an organization, which render certain types of banking operations, which have been authorized in compliance with the legislation of the Republic of Kazakhstan for realization of the state investment policy in certain spheres of economy and make borrowings with these purposes at the financial market of Kazakhstan and (or) international financial market. Bonds, which are issued by financial agent inside the country and outside it, are agent bonds. In compliance with tax legislation pf the Republic of Kazakhstan revenues from operations with agent bonds are not subjected to income tax at the source of payment. Precisely this fact significantly increases attractiveness of agent bonds of Kazakhstan Mortgage Company CJSC for their potential holders. Kazakhstan Mortgage Company CJSC is the daughter structure of the National Bank of Kazakhstan. Company's primary activities - loan operations (giving credits in monetary form on the terms of paying off, urgency and giving back), factoring operations (purchasing of rights of payment requirement from consumer of goods (works, services) with assumption of the risk of non-payment). [2003-08-13]