Bayan-Sulu OJSC (Kazakhstan) will not pay dividends for 2003

/KASE, June 8, 04/ - Bayan-Sulu OJSC (Kostanai), whose securities are circulating in the official "A" listing category of Kazakhstan stock exchange Inc. (KASE), presented KASE with protocol of the annual general shareholders meeting held on May 31 of 2004. According to the agenda shareholders approved report of the President, annual financial statements and conclusion of the Revision commission for 2003, Article of the joint-stock company. The meeting also approved several decisions. Appointed "Audit company "Usepaudit" LLP as the company's auditor. No dividends will be paid for 2003. The company will direct undistributed profit for 2003 in amount of 130.5 m on general development. The meeting terminated authority of the Board and elected five new members with 3-year term of office: Baimuratov E.U., Traiber V.A., Shevchik P.P., Talgatbek A.K., Nauryzbaev E.K. Shareholders approved increase of the company's liabilities in amount exceeding 10% of equity capital. The company also will grant guarantee to Altyn Nan LLP under loan provision to Kazakhstan Development Bank for amount of $13.9 m. The meeting accepted Board's decision dated May 4, 2004 to conclude large- scale deal with Kazkommertsbank JSC. The meeting also elected three new members of internal revenue department with 1-year office term: Bespayeva B.I, Igonina T.P., Akhmetova D. Principal activities: the Company produces and markets confectionery. [2004-06-08]