Shareholders of Alliance Bank JSC (Kazakhstan) elected a new Board of directors and decided not to pay dividends for year 2004 on common shares

/KASE, May 12, 05/ - Alliance Bank JSC (Almaty, hereinafter - bank), whose securities are circulating in Kazakhstan stock exchange's (KASE) official "A" listing category, has presented to KASE a copy of minutes of annual general shareholders meeting, which was held on May 6 of 2005. In accordance with the agenda shareholders have taken following decisions (quotations from the mentioned minutes are given below): 1. "Confirm the annual financial statement of Alliance Bank JSC for year 2004." 2. "Confirm the offered order of distributing net income of Alliance Bank JSC for the reporting fiscal year 2004." 3. "Not to pay dividends on common shares of Alliance Bank JSC according to results of the year." 4. "Appoint Deloite $ Touche LLP the firm for auditing Alliance Bank JSC for year 2005." 5. "Notify about the forthcoming general shareholders meeting of Alliance Bank JSC by publishing an announcement in "Kazakhstanskaya pravda" newspaper - in Russian and in "Yegemen Kazakstan" - in Kazakh." 6. "Stop authorities of members of the Board of directors ahead of time." 7. "Determine the quantitative staff of the Board of directors of Alliance Bank JSC - 5 persons, authorities term of the Board of directors of Alliance Bank JSC - 1 year." 8. "Elect K. Asylov and A. Beisebayev to the staff of the Board of directors, not to pay interest to members of the Board of directors of Alliance Bank JSC." According to the text of the minutes regarding the ninth question of the agenda "Determination of presence of physical and juridical persons corresponding to signs of a big participant in compliance with paragraph 3 of the article 17-1 of Kazakhstan Law "About banks and banking activity" in Kazakhstan" in the staff of shareholders of Alliance Bank JSC, chairing body of the meeting notified shareholders that it was impossible to take a decision on this question because according to registrar's data bank had no shareholders corresponding to signs of bank's big participant. Representative of bank's shareholder Investment group Seimar LLP - K. Belyayeva said (quotation from the minutes is given below): "in the second- third quarter of this year our company presumes borrowing additional investments for increasing equity capital by about USD150,000,000 (One hundred and fifty million). Major direction of using the funds will be a gradual purchasing of over 25% of bank's shares approximately till October 1 of 2005." Belyayeva's statement also notes that after purchasing the mentioned quantity of banks shares Investment group Seimar LLP intends to obtain status of bank's big participant in year 2005. [2005-05-12]