Centras Securities JSC (Kazakhstan) about redemption of common promissory notes of Vostok-Cement JSC (Kazakhstan) within its promissory note program

/IRBIS, Natalya Kuznetsova, November 28, 05/ - Centras Securities JSC (Almaty), which is Kazakhstan stock exchange's member under "K", "P" and "H" categories,has spread press-release saying on November 23 of 2005 Vostok-Cement JSC successfully redeemed common promissory notes with 6 month maturity term for a total of KZT40 m. Promissory notes were issued on May 27 of 2005 within a non-banking promissory note program of Vostok-Cement JSC, organized by Centras Securities JSC jointly with Financial company Greenwich Capital Management JSC, which was the financial consultant of Vostok-Cement JSC. Volume of the program amounted to KZT400 m. with total term of up to 1 year. "On November 23 of 2005 we redeemed promissory notes of Vostok- Cement JSC for a total of KZT40 m. within our promissory note program, organized by Centras Securities JSC Financial company Greenwich Capital Management JSC. This settlement system satisfies us and gives us an advantage concerning settlements with our suppliers, and precisely this is a payment delay for a certain period, increasing of working assets without money distraction, improvement of the structure of accounts receivable and payable, that as a whole influences upon our company's financial condition", - Konstantin Morozov Chairman of Executive committee of Vostok-Cement JSC said. Yerlan Balgarin Managing director of Vostok-Cement JSC says, "promissory note program organized by us for Vostok-Cement JSC, is the first non- banking promissory note program in Kazakhstan. This alternative lets clients apply not only to banks, but to financial organizations, which offer more flexible conditions for servicing promissory note program and while discounting a client's promissory notes. Promissory notes as a financial instrument are convenient for both issuers of promissory notes and for issuers' suppliers, and for financial companies, ehich offer their services in this sphere". By the Resolution of the Executive committee of the National Bank of Kazakhstan #34 dated March 11 of 2005 Vostok-Cement JSC was recognized the first-class issuer of promissory notes within the National Bank's program with setting limit for promissory notes registration by the National Bank of Kazakhstan amounting to KZT150 m. for 1 year. Vostok-Cement joint-stock company was founded on the base of Ust- Kamenogorsk cement plant in 1997. Today Vostok-Cement JSC is the leading company in cement branch of Kazakhstan. Planned production capacity of the plant is 1.600 th. tons per year, available - 1.000 th. tons. As of October 1 of 2005 company's equity capital was KZT977 m., profit for nine months of this year - KZT960 m. [2005-11-28]