In Kazakhstan new venture funds will be created - Halyk Private Equity JSC and AIFRI Glotur Technology Fund JSC

/KASE, November 14, 05/ - Halyk savings bank of Kazakhstan JSC (Almaty, hereinafter - Bank), whose shares and bonds are traded in the official "A" listing category of Kazakhstan stock exchange (KASE) today spread press release, which informs about creation of new venture funds in Kazakhstan. Jointly with the Bank and National Innovational Fund JSC (NIF JSC) venture fund Halyk Private Equity JSC was created, and also jointly with NIF JSC and Glotur JSC - fund AIFRI Glotur Technology Fund JSC. Manager of the company Halyk Private Equity JSC is subsidiary company of the Bank Halyk Finance JSC. Size of the fund's authorized capital is KZT2.6 bn. Main course of activity of Halyk Private Equity JSC - investing and attraction of investments to companies, realizing innovational/venture projects, and also projects on transfer, borrowing and accumulation of progressive and innovational/venture technologies. Participation of NIF JSC, whose shareholder is 100% Government of the Republic of Kazakhstan, in venture funds allows to divide risks with private investors, providing non-controllable participation in authorized capital by 49% and thus, assisting attractiveness of venture investment funds. Manager of the company AIFRI Glotur Technology Fund JSC is Glotur Finance JSC. Size of the fund's Authorized capital is KZT2.7 bn. This venture fund is stock investment fund of risky investing, whose main course of activity is investing and attraction of investments to companies, realizing innovational/venture projects, and also projects on transfer, borrowing and accumulation of progressive and innovational/venture technologies AIFRI Glotur Technology Fund JSC is specialized fund, which will execute investments in the following sectors: informational technologies, electronics and telecommunications. Funds will execute their activities 7 years with right of prolongation for 2 years. "One of the main investment policy's criteria of created funds is well-founded economic efficiency of innovational/venture project, orientation of innovational project at accumulation of technological potential of enterprise, increase of quality and growth of production volume of goods and services. Financing of innovational/venture projects will be executed through acquiring of shares / stakes of participation to companies, realizing innovational/venture projects. In investment of funds, preference will be given to complementary technologies, and also to companies, which are in various stages of one production cycle, or realizing identical production", - the Bank's press release says. In the period since 2003 to 2005 years NIF JSC created on the territory of Kazakhstan three venture funds Fund of high technologies Areket, Venture fund Advant, AIFRI Venture fund Sentras, and also investments in existing foreign venture funds Wellington Partners Ventures III Technology Fund L.P., Central-Asian fund of small enterprises support (CASEF, USA), Flagship Ventures Fund 2004, L.P." (USA) have been executed. [2005-11-14]