Shareholders of Bayan-Sulu JSC (Kazakhstan) decided not to pay dividends on common shares for year 2004 and increase liabilities by over 25% of its assets

/KASE, May 25, 05/ - Bayan-Sulu JSC (Kostanay), whose shares are traded in Kazakhstan stock exchange's (KASE) official "B" listing category, has presented to KASE a copy of the minutes of the annual general shareholders meeting, which was held on May 12 of 2005. In accordance with the agenda company's shareholders have confirmed report of Chairman of the Executive committee - President of the company about results of its activity in 2004, conclusion of internal audit service, annual financial statement for year 2004, confirmed monthly interest for all members of company's Board of directors, and took following decisions (quotations from the mentioned minutes are given below): - "Not to distribute Company's net income for year 2004 in the amount of KZT200641 th. and spend it for Company's development." - "Not to pay dividends on Company's common shares according tor esults of 2004." - "Stop ahead of time authorities of members of the Board of directors E. Nauryzbayev and P. Shevchik" - "Elect T. Sadykov and A. Yagodkin into the staff of the Board of directors with terms of authorities until May 31 of 2007" - "Permit Bayan-Sulu JSC to participate in the activity of other legal entities by transmitting assets, which is 25% and more of Company's assets." - "Permit to increase Company's liabilities by over 25% of Company's equity capital." - "Confirm decision of the Board of directors of Bayan-Sulu JSC dated March 17 of 2005 about making a big deal with Kazkommertsbank JSC. 1. Agreement about increasing the credit line, according to which Kazkommertsbank JSC is to increase limit of the credit line up to KZT2,000,000,000 (two billion). 2. Property pawn agreements (mentioned in the decision of the Board of directors) for guaranteeing fulfillment of obligations on the Agreement about increasing the credit line (providing the possibility of changing the size, order of interest calculation, schedule of payments, maturity terms), and also all obligations, which will appear in the future on the mentioned Agreement in case of any change of its terms (including, but not limiting: increasing of decreasing of the size (limit) of the credit line, size of payable interest, any change of periods, terms and order credit line granting; joining individuals and legal entities to the mentioned Agreement for receiving the credit or stoppage of their participation in it; changing and supplementing of the terms of Accessorial Agreements; making of new or stoppage of made before Accessorial Agreements). Give Kazkommertsbank JSC the right for extrajudicial sale of pawned property." - As regards the 12th question of the agenda "Election of internal audit service" following decisions have been taken: 1. "Elect following staff of Internal audit service consisting of 3 persons: 1. B. Bespayeva 2. T. Igonina 3. D. Akhmetova 2. Elect B. Bespayeva the head of Internal audit service" Company's primary activities - production and sale of confectionery. [2005-05-25]