Kazakhstan Development Bank to issue eurobonds
03.10.03 00:00
/Interfax-Kazakhstan, October 3, 03/ - AES Ust-Kamenogorskaya TEC
(East-Kazakhstan region owner - American energy company AES) plans ti
issue domestic bonds for a total of $4m.
Sergei Tazin, director general of Altai-Power daughter of AES reported at
press-conference that Ust-Kamenogorskaya TEC plans to issue domestic
bond to complete construction of ash-disposal dump. Besides, it plans to
modernize sewage plants for boilers.
KASE has already issued preliminary admission of Ust-Kamenogorskaya
TEC into listing A. We will wait now official admission, reported Mr. Tazin.
Circulation term for new bonds is 3 years at 9% coupon rate. It is expected
that bonds will be in demand among accumulative pension funds.
The press-release also stated that installation of ash-disposal dump to be
finished in 2004. Total cost of construction is KZT1,023m.
In 2003 investments in Ust-Kamenogorskaya TEC will total KZT385.5m (net
of VAT) including capital construction 306m, equipment purchase - 30.3m,
reconstruction - 49.2m.
Net income of Ust-Kamenogorskaya TEC in 2002 was KZT176.593m.
Ust-Kamenogorskaya TEC is the largest EPS in East Kazakhstan with
capacity of 1354 megawatt (including electricity capacity - 241.5 megawatt
and heat - 959.1 G-calories/h). It was sold to AES in 1997 among the other
power companies in East Kazakhstan.
There are 9 boilers and 8 turbo units with capacity ranging from 4 to
100Mwt.
AES owns also Sogrinskaya TEC and has in 20-year concession two
hydroelectric power stations (HPS): Ust-Kamenogorskaya and
Shulbinksaya.
Since 1996 AES has owned Ekibastuz HPS-1 (AES Ekibastuz) at Pavlodar
region (North of Kazakhstan).
Besides, another AES company in Kazakhstan - AES Irtish Power and Light
manages heating system in Ust-Kamenogorsk (miniciapl center of East
Kazakhstan region). In 1999 another AES daughter AES Silk Road has
taken under management two power companies: East Kazakhstan and
Semipalatinsk companies.
The major customers of Ust-Kamenogorsk TEC are East Kazakhstan power
company, Ulbinskii metal plant (major owner is Kazatomprom -90% of
shares), OJSC Kazzink.
[2003-10-03]