Bank TuranAlem JSC (Kazakhstan) to increase authorized capital up to $100 m

/KASE, June 23, 04/ - Bank TuranAlem JSC (Almaty), whose securities are circulating under category "A" of the official KASE listing, presented KASE copy of records from annual general meeting of shareholders held on June 10, 2004. According to agenda of the meeting shareholders approved financial statements for 2003, modifications of the bank's Chapter related to exchange rate fixation date over dividend payments and increase in number of announced shares. The meeting also approved following decisions: - No dividends over common share to be paid off for 2003. Preferred shares dividends to be paid according to agreement with foreign investors (minimal guaranteed amount is 10.25% of face value - KASE notes). To capitalize profit in full. - To cancel decision of general meeting dated January 15, 2004 regarding modification of the Chapter on exchange rate fixation date. - To increase authorized capital by issuing and floating 819,291 shares of which: 615,287 - common, 204,004 - preferred shares with 10.25% interest rate. Floatation price is set according to book value and totals KZT 16,638.78 per share. Floatation of share to be conducted according to preference right of existing holders. - To approve increase of the bank's liabilities by 25% and higher in connection with emission of 4th subordinated coupon bonds for KZT 14.0 bn (named emission is admitted into category A of the official listing - KASE notes). - To approve guarantee of the bank over liabilities of Pharmaceutical Company Romat LLP issued to European Bank for Reconstruction and Development. [2004-06-23]