Food contract corporation JSC (Kazakhstan) rejected bid prices during primary additional floatation of its bonds of the first issue as insufficient

/KASE, May 27, 04/ - Today in trade system of Kazakhstan Stock Exchange (KASE) specialized trades on primary additional floatation of bonds by Food contrat corporation JSC (Astana) of the first issue (KZ2CKY05B091, official "A" listing of KASE, PRKRb1; KZT10,000, KZT3.0 bn; May 17, 04 - May 17, 09, coupon of 8.0%APR) were held. Bonds were offered at clean prices (without accumulated interest) expressed as the percentage of face value of security with accuracy of up to 4 decimals. The issuer offered 298,702 bonds. A total of 4 members of KASE submitted 7 bids for the purchase of 120,000 bonds for KZT1,158,837,686.99. Thus, participants were ready to purchase 40.2% of total volume offered. . Clean prices stated in bids varied from 94.2000% (9.51% APR) to 98.3710% (8.50%). Weighted average stated price of bids totaled 96.3710% yielding 8.93% APR for the holder (weighted on tenge amount state in a bid). Local pension funds and broker -dealer companies submitted 95.83 and 4.17% of total bids, respectively. The issuer rejected all bids as insufficient due to low prices offered. Specialized trades will be continued on working days from May 28 to June 4 of 2004 in trade system of KASE from 11:30 a.m. to 2:00 p.m. of Almaty time following T+0 scheme. [2004-05-27]