PAMC OF KAZAKHSTAN CAN INVEST THEIR PENSION ASSETS IN MUNICIPAL BONDS OF ASTANA � NSC
/IRBIS, Dec.27, 99/
By the resolution #526 of the Directorate of the National securities commission of Kazakhstan (NSC), dated December 25, 1999, pension assets management companies (PAMC) and CJSC �Gosudarstvennyi nakopitelnyi pensionnyi fond� are allowed to buy bonds of local executive body of Astana for pension assets. The resolution goes into effect on the date it is approved.
These bonds will be issued on December 27, 1999 for 150 mln tenge and have NIN KZ71L2612A08.
As it has been informed earlier, initial offering of the issue will be held in Trade system of KASE. After the adoption of NSC�s resolution following companies (except other KASE members, mentioned in information message of the Exchange) are allowed to participate in the auction:
� CJSC �Kompanya po upravleniu pensionnymi aktivami �Ak niet�;
� CJSC �Kompanya Halyk Banka Kazakhstana po upravleniu pensionnymi aktivami�;
� CJSC �Kompanya po upravleniu pensionnymi aktivami JETYSU�;
� CJSC �Gosudarstvennyi nakopitelnyi pensionnyi fond�.
Any accumulative pension funds can submit their applications to buy bonds of Almaty through these KASE members of category �K�.
CJSC �Fondovyi service� was considered financial adviser of municipal loan of Astana
/IRBIS, Dec.24, 99/
As it was said earlier, on December 27, 1999 an auction will be held in Trade system of KASE for initial offering of the bonds of local executive body of Astana (364 days, semiannual coupon, KZ71L2612A08, trade code ASU012.001) within a planned volume of KZT150 mln.
Today KASE received an official notification from the First deputy of the head of Astana, that contest commission on identifying the underwriter (financial consultant) for the first issue of the bonds of local executive body of Astana had chosen the winner of the tender � CJSC �Fondovyi service� (Kazakhstan, Almaty).
Today the winner of the tender provided KASE with Investment memorandum of the issue, which will be published on the web page of KASE in the Internet (http://kase.kazecon.kz) and in information product of the agency IRBIS �Reference system of KASE broker�.
Average weighted yield of the Almaty municipal bonds - 13.00% p.a.
/KASE, Dec.24, 99, official press release of the Exchange/
December 24 on the Kazakhstan stock exchange (KASE) auction on placement of the first issue of the 12 months bonds of Almaty executive body was held. Announced volume - 400 million tenges, the bond nominal value - 100 U.S. dollars. The National identification number of the issue - KZ71K2512A00, KASE trade code - ALU012.001.
7 KASE members have taken part in the auction and have made 49 applications. Volume of the applications has made 73,725 bonds to the sum of $6,499,628.92, that at the current official dollar rate makes 898,573,698.19 tenge.
The demand has 2.2 times exceeded the supply.
The average weighted yield of the bonds calculated on all applications, has made 13.43% p.a. ($ 88.16 for one security or percents of the nominal). It changed in the orders from 12.61 to 15.86% p.a.
Share of the applications on behalf of the pension funds has made 22.5 % of demand, on behalf of the banks - 45.7%, on behalf of the banks� customers - 31.8%.
By the auction results the cutting off price has been determined by the emitter at a level of 88.49% from the nominal that corresponds to 13.01% as the maximum yield of the satisfied applications. The average weighted rate on all applications satisfied has made 88.4940% from nominal, the bonds� average weighted yield - 13.00% p.a.
The emitter has satisfied the applications for purchasing of 32,706 bonds to the discount sum of $2,894,85.54.
The share of the satisfied applications sent on behalf of the banks has made 54.4%, on behalf of the banks� customers - 45.6% of the actual volume of issue.
The issue actual sum in tenge has been calculated at the National Bank official rate on December 26, 1999 (138.20 tenge for dollar), and has made 399,990,261.63 tenge. The emitter has placed all scheduled volume at the accepted to it conditions.
Aidar AKHMETOV, Kuanysh ZHUMANGAZINOV
ALMATY, Dec 27
(THE GLOBE)
In three days we will celebrate the New Year. Everyone wishes to meet the next millenium finely, solemnly and in a peculiar way.
New-Year trees, �rains� and glass balls are customary attributes of the New Year celebration. Due to the present abundance of these products every buyer has to choose. THE GLOBE offers readers a small analysis of the condition of market of the New Year products in the southern capital. we visited a number of shops and bazaars. The main question that we asked was �Are local products available in the market?�
�Kazakhstani decorations? We have some,� the first respondent of our New-Year campaign said. Our patriotic feelings were high, but only for a minute. There was a label �Plant of the Kazakh SSR� at the package of the �Kazakhstani� products.
According to the first participant, the New Year business is not especially profitable. After the New Year these products are not demanded.
�From the Kazakhstani products we may offer only compositions of fresh and artificial flowers,� Samira Gulieva, the director of the private company Ganimi said. According to Gulieva, at the eve of December 31 the demand for New-Year tree decorations abruptly increases. There is a serious competitiveness among companies dealing with these products. the number of such companies does not mean that they offer qualitative products. any business requires some professional skills, including the decoration one. �Unfortunately, many companies have a bad reputation,� Gulieva regretted.
The Ganimi director mentioned one interesting fact: she connected the annually decreasing demand for presents with the departure of most �tight-filled purses� to the new capital. that was an interesting remark.
Products imported from China, UAE, GERMANY, the Czech republic and Russia represent the main assortment of the products, including in other shops and bazaars.
As in any business, the �New-Year� one also has some shadow aspects. So, in the end a curious event happened to us. After we asked the first question, where from artificial New-Year trees were, a street vendor made a foolhardy face and rapidly packed his products. THE GLOBE journalists were astonished, until the seller said he had never had problems with the tax police. He smiled only when we showed him our journalists� ID. The New-Year trees were made in China and UAE.
Thus our New Year campaign completed. The result is: all decorations are produced abroad.
ALMATY, Dec 27
(THE GLOBE)
Each time at the eve of the New Year we face such problem as purchasing of New-Year tree decorations. Obviously, in this period the demand for decorations is very high. But as the below article shows, despite a wide assortment from different countries meeting different tastes at various prices, there is no such products made in Kazakhstan. According to the analysis, published by the Russian edition Dengi dated December 15, only for the first year the production of New-Year tree decorations may earn 127% in hard currency p.a. Evidently, the analysis was conducted in the Russian market, but we believe that the situation in Kazakhstan is similar.
According to Dengi, in Russia annually 5 million of decorations are not enough, despite about 10 enterprises produce them. It is noteworthy that most products in this market are not imported ones, but decorations produced in Russia. A simple calculation conducted by the weekly magazine shows that initial expenses towards rent of premises, purchase of equipment and raw materials and salary do not exceed US$ 96.1, if you plan to produce 280,000 decorations annually. Expenses towards raw materials come only to US$ 22.4 thousand. As the cost of one New-Year tree ball is US$ 0.34, you may sell it to wholesale buyers at US$ 1. Then, taking into consideration the number of products to be produced, we have US$ 280,000. If we subtract all taxes and even expenses towards advertising, we still have US$ 121.8 thousand.
On the other hand, this business has a significant defect � we have to produce all the year round but can sell only before the New Year.
Erkanat ABENI
ASTANA, Dec 24 (THE GLOBE)
�We are going to invest about US$ 1.2 billion to exploitation of the oilfield Alibek Mola, if the Kazakhstani government approves the project,� the President of the Russian oil company Lukoil announced on Friday, December 24, in Astana after he had met the Kazakhstani Prime Minister.
According to Vagit Alikperov, his company offered the Kazakhstani government this project under condition that Lukoil would finance 100% of the project. He said that if the company becomes the operator of Alibek Mola (Aktyubinsk oblast), Kazakhstan will receive 40% of shares in the project. Apart from this, the country will have its share according to the conditions on division of the product.
The Lukoil President stated that the oilfield would mainly supply raw materials to the Russian refinery in Orsk.
Aidar AKHMETOV
ALMATY, Dec 24
(THE GLOBE)
On December 24 the Offshore Kazakhstan International Operating Company (OKIOC) announced the opening of its web-site on the world-wide Internet. The Kazakhstani company Actis Systems Asia designed and made the site.
OKIOC spokesmen emphasized that the web-site will allow journalists and all interested people to receive the information of the company�s activity and ecological aspects of the drilling program, fast.
All information in the web-site is given in both English and Russian languages. Oleg Staruhin, the OKIOC advisor on ecology and environment said that they had paid attention especially to the issue of preservation of the environment and safety standards in the site.
Kenzhebek Ibraimov, the OKIOC manager business support said that from that day onwards all technological and ecological aspects of drilling in the Kazakhstani sector of the Caspian sea may be found in one of the site�s sections. The site also describes different variants of drilling works, types of sea drilling equipment, etc.
At present OKIOC continues drilling of the first prospecting well in the Eastern Kashagan, according to the prospecting program in the north-east Caspian sea.
The prospecting program is a part of the Agreement on division of products between OKIOC shareholders and Kazakhstan, including prospecting, exploitation of deposits and mining of oil and gas in the area of about 6,000 sq. m. in the north-east Caspian shelf. Ibraimov emphasized that drilling would not be stopped even in winter. During 1998 to 1999 the company has spent US$ 300 million towards drilling.
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