Food contract corporation JSC (Kazakhstan) still unable to float its bonds of the first issue

/KASE, June 8, 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. Two members of KASE submitted 2 orders for the purchase of 60,000 bonds for a total KZT588,959,650.68. Thus, participants were ready to purchase 20.1% of total volume offered. Clean prices stated in bids were equal to 96.0000% (9.03% APR) to 98.0133% (8.50%). Weighted average stated price of bids totaled 97.6835% yielding 8.59% APR for the holder (weighted on tenge amount state in a bid). After the issuer considered the list of bids stated it rejected all bids as insufficient due to low prices offered. Cut-off price was not determined, no single bid is satisfied as volume of bids is lower than par value" 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 under T+0 settlement convention. [2004-06-08]