Results of annual shareholders meeting of Kazkommertsbank JSC

/IRBIS, Assel Omarova, June 10, 04/ - Kazkommertsbank JSC (Almaty) with securities listed under official "A" category of Kazakhstan Stock exchange (KASE) released a statement on results of annual general shareholders meeting held on May 31, 2004. Pursuant to agenda of the meeting shareholders approved financial statements of the bank for 2003 and made following decisions. Shareholders decided not to pay dividends on common shares, but to retain earnings of 2003. The bank will announce dividends on preferred shares in amount provided in Prospectus of the issues that totals $0.04 per share. Dividends will be paid beginning on 10 December, 2004. Ex-dividend day - 10 November, 2004. The company will host a tender for auditing companies. The Bank released following figures for 2003. IFRS-consolidated and Deloitte- audited net profit rose from $206 m to $316 m. Capital adequacy remained high at 16.45 and therefore meets central banks requirements and signals about financial sustainability of the bank. In 2003 Kazkommertsbank JSC paid dividends on preferred shares in amount of $2.2 m and created revaluation reserves for $4 m. Shaerholders equity of Kazkommertsbank include 75% of common and 25% of preferred shares for KZT5 bn. The European Bank for Reconstruction and Development (the EBRD) owns 12.92% stake in the bank, 46.47% of shares belongs to the management of the bank and remaining 23.49% are issued in form of American/Global Depository Receipts. Insittuional investors and pension funds are the holders of bank's preferred shares. [2004-06-10]