Shareholders of KazTransCom JSC (Kazakhstan) decided to increase the company's liabilities, and also changed the Board of directors

/KASE, August 9, 05/ - KazTransCom JSC (Almaty, hereinafter - company), whose securities are circulating in Kazakhstan stock exchange (KASE) official "A" listing category, has presented to KASE the copy of minutes of prescheduled general shareholders meeting, which was held on July 18, 2005. According to submitted document the company's shareholders approved decision about conclusion of deals, in which the company is interested, and also accepted the following decisions (hereinafter quotations from the above meeting's minutes are given): 1. "To approve conclusion of the Company's deal, in connection with conclusion of an agreement with AGIP KCO for rendering services on realization of project "Creation of integrated telecommunication net on Eastern KASHAGAN field - experimental program". For that: - to borrow revolving banking credit with limited amount up to USD1,800,000 with 6 months circulation term. Term for credit line borrowing is 50 months. Interest rate - not more than 12% APR. - and to get banking guarantee for the amount up to USD1,396,882.96, this is 10% from cost of contracts with Agip Kazakhstan Nort Caspian Operating Company N.V. Interest rate on guarantee is not more than 3% APR. Term for guarantee granting is 50 months; - to secure execution of the above liabilities KazTransCom JSC is to pawn funds from contract with AGIP KCO." 2. "To approve the Company's decision about increase of liabilities for the amount not more than 25% from the Company's own capital, in connection with approval of the project for development of local telecommunication net in Astana on July 7, 2005 by investment committee of OC KazMunaiGas JSC. To approve amount of loan funds, stipulated for execution of the project, in the amount USD5,185,000, which includes: - banking credit in the amount USD2,685,000 with the rate not more than 12% APR with 5 years term; - credit line of Citibank according to the agreement with Cisco System Finance International in the amount USD2,500,000 with the rate not more than 12-month rate of LIBOR + 4.5% APR, with committee for organization of credit line 0.69% from the amount of loan, with 40 months term." 3. "To stop authorities of the member of the Company's Board of directors elected by the General shareholders meeting as per Minutes ¦ 1 dated May 15, 2003 - Murat A. Abdrakhmanov." 4. "To elect the member of the Company's Board of directors - Rafael A. Gapparov as a manager of Almex LLP." Company's primary activities - to provide enterprises and organizations of oil-and-gas and other sectors of the national economy and population with all types of connection. [2005-08-09]