Finance In Brief

The National Bank of Kazakhstan for March 15 - 17: 1USD/KZT = 141.30, 1DEM/KZT = 71.40, 1RUR/KZT = 4.87, 1EUR/KZT = 139.64

/IRBIS, March 14/

For March 15 - 17, 2000 the National Bank of Kazakhstan has established the following exchange rates for accounting, customs and tax purposes: for 1 USD 141.30 (0) tenge; for 1 DEM 71.27 (0) tenge; for 1 RUR 4.87 (0) tenge; for 1 EURO 139.64 (+0.13) tenge.

Total of 33 currencies are in the list.

On March 30 annual General meeting of the JSC �Astana � finance" (Kazakhstan) will be held

/KASE, March 15/

JSC �Astana - finance� (Astana, official list of securuities, category �B�) has informed the Kazakhstan Stock Exchange (KASE) about annual General meeting of shareholders on March 30, 2000 with the following agenda:

� Approval of report of the Astana - finance Board concertning results of work in 1999.

� Approval of the annual financial reporting and the company's inspection commission's conclusion.

� Approval of the net income distribution.

� Approval of the dividends by the year results.

� Election of the inspection commission members.

� Consideration of the company's obligations increase to the sum of 25% from the company's ownership capital or more, including:

� increase in "Talion" Ltd authorized capital;

� approval of the deals connected with �City-Palace" project.

In case of a quorum absence the next meeting will be held on March 31, 2000.

In this week the Ministry of Finance of Kazakhstan is going to place MEKKAM-3 and MEKKAM-3

/IRBIS, March 15/

In addion to the earlier annonced issues the Ministry of Finance of Kazakhstan plans to MEKKAM-3 and MEKKAM-6.

MEKKAM-3 auction (issue #261, KZ43L1606A03) will be held on March 16. The Settlement date - March 17; Maturity date � June 16, 00; term of circulation � 91 days; planed volume � 300 million tenges.

MEKKAM-6 auction (issue #129, KZ46L1509A08) will be held on March 17. The Settlement date - March 17; Maturity date � September 15, 00; term of circulation � 182 days; planed volume � 500 million tenges.

Now the list of issue and redemption of the Ministry of Finance of Kazakhstan looks as follows:

� Issue, March 13 � 500 mln tenge, MEKKAM-6 #128 (KZ46L1409A09).

� Issue, March 14 � 500 mln tenge, MEKAVM-12 #36 (KZ4CL1503A17).

� Issue, March 16 - 300 mln tenge, MEKKAM-3 #261 (KZ43L1606A03).

� Issue, March 17� 500 mln tenge, MEKKAM-6 #129 (KZ46L1509A08).

� Redemption, March 15 � $197.7 mln, MEKKAM-3 #255 (KZ43L1503A07).

SSK of Kazakhstan has changed requests to ownership capital of custodians

/IRBIS, March 15/

Decree #67 of the National Securities Commission of Kazakhstan (SSK) of February 26, 2000 has changes the minimal level of custodian's ownership capital. This parameter is established to be not less than 2 billion tenges.

The organizations having the custodial licenses are obliged to adjust their capitals to the below mentioned levels in the following terms:

� Not less than 1.5 billion tenges � before October 01, 2000;

� Not less than 2 billion tenges - before April 01, 2001.

The decree comes into effect from the date of registration by the Ministry of Justice of Kazakhstan that is since March 09, 2000.

Before the castodians' ownership capital was established by the decree #113 of SSK of July 30, 1997 as 1,250,000 of specified rates and than has been increased by the decree #191 of SSK of November 11, 1997 to 1 billion tenges.

Results of extraordinary general meeting of the shareholders of JSC Halyk Savings Bank of Kazakhstan

/KASE, March 15/

JSC Halyk Savings Bank of Kazakhstan (Almaty, official list of Securities, category "A") according to listing requests has granted KASE the protocol of extraordinary General meeting of shareholders, which was held on February 11, 2000.

Before the shareholders have begun discussion of scheduled topics, before them G.A. Marchenko, the Chairman of the Halyk Savings Bank of Kazakhstan has spoken. He has noted that the attraction of the population means is now the most important work of all banking system. For its strengthening the National Bank of Kazakhstan in cooperation with the banks of the second tier has undertaken some concrete actions:

� First, the project of changes in one of the laws is developed, which will help to observe a bank secret principle, that should result in essential growth of the population' deposits;

� Secondly, the fund of insurance of deposit accounts has been created, which now includes 16 Kazakhstan banks, including JSC Halyk Savings Bank of Kazakhstan.

Besides it Marchenko has marked that the aim of the National Bank is that before the end of a current year (at a pinch before the first quarter of 2001) all Kazakhstan's banks corresponded to the world standards.

According the agenda, the changes and additions to the Bank's Regulations concerning election of the Chairman of Board were considered by the Meeting. (According to the acting Regulations, this question concerns to the exclusive Board of directors competence). The majority has voted against changes and additions in the Bank's Regulations.

Besides the Meeting have elected the new eight persons Board of directors with term of office one year, including:

� Abdulina Nailja Kurmanbekovna - Vice-president of the National Bank of Kazakhstan;

� Abuov Mirbulat Gajsinovich - General director of Delta Ltd;

� Dosaev Erbolat Askarbekovich - Vice-minister of Finance of Kazakhstan;

� Masimov Karim Kazhimkanovich - Chairman of Board of JSC Halyk Savings Bank of Kazakhstan;

� Ospanov Erbolat Serikovich - Chairman of Board of Closed JSC Kazahinstrah Foreign Insurance Company;

� Rahanov Maksudbek Smagulovich - Chairman of State Property and Privatization Committee of Kazakhstan;

� Sartbaev Medet Maksutovich - Vice-minister of economy of Kazakhstan;

� Smagulov Kajrat Moldahmetovich - First deputy of the Chief of the Prime Minister of Kazakhstan Office.

After scheduled topics discussion the shareholders have heard the statement of Masimov K.K., the Chairman of Board of JSC Halyk Savings Bank of Kazakhstan, concerning current bank's businesses condition.

He has noted that in 1999 escalating of the bank's potential proceeded. Despite of complex financial arrangements, the bank managed to save the yield growth tendency and to receive rather high profit (630.38 million tenge - comment KASE). According to the Strategic plan and the Development Program for 1998-2001 efforts of management were directed to the capitalization and volumes of business increase, deposits base development, expansion of client base and development of bank services system.

According to the provisional data for 1999:

� bank's assets have grown by 42.8% to the previous year and have made 56.8 billion tenges;

� liabilities have grown by 46.0% and have made 51.0 billion tenges (from them 45.5 billions - the clients' deposits, gain is 48.9%);

� ownership capital has increased by 20.5% and has made 5,789 million tenges;

� authorized capital has increased by 603.2 million tenges and has made 3,615.1 million tenges.

� population's deposits have grown by 39% and have made 29 billion tenges;

� rests at the legal persons accounts have grown by 68.6% and have made 16.5 billion tenges;

� credit portfolio has increased by 15.3% and has made 20.7 billion tenges.

It is also stated in the report that one of the main events, which will determine the Bank's strategy for the nearest years, is transfer to the Bank's management JSC Kazpochta. According to the decree of Government of republic from December 12, 99 "About reorganization of the republican state postal service enterprise and its branches" state JSC Kazpochta has been created. The transfer of Kazpochta to the Bank's management will considerably increase potential of both companies.

Besides Masimov has listed other strategic problems of the Bank:

� updating of the company through revision of strategy, procedures and operations with the subsequent redistribution of money and human resources with the purposes of competitiveness increase;

� development of the information technologies, in particular - introduction of the KORVUS Russian operational system, which allows to accelerate payments, to reduce operational risks, grants additional control opportunities.

The statement was finished by the massage concerning opening on November 24, 1999 of the Bank's Representation in Peking that is the first stage of realization of the Bank's business interests outside Kazakhstan.

In the ending Smagulov K.A., the First deputy of the Chief of the Kazakhstan's Prime Minister Office has explained why Government (block of shares - 50% plus one share) has voted against modification and additions in the in the Bank's Regulations. Asd he said, the JSC Halyk Savings Bank of Kazakhstan is one of the backbone banks of republic. In this connection it is correct to conduct policy of the bank with a definite share of conservatism. The bank should be stable. In the nearest 2-3 years privatization of the Bank is not planned.

JSC Tasbaka Asset management (Kazakhstan) is accepted KASE members under categories "K", "P", "H" and "C"

/IRBIS, March 15/

The Decision of Exchange Council of the Kazakhstan Stock Exchange (KASE) of March 15, 2000 Tasbaka Asset management Ltd (Almaty) has grant KASE membership under the following categories:

� "K" - right of participation in KASE's trades in State Securities;

� "�" - right of participation in KASE's trades in Private Securities (PS) of the official list of KASE;

� "�" - right of participation in PS trades in the sector "Private Issue Securities" and in the state blocks of shares;

� "C" - right of participation in trades in KASE's futures trades.

Tasbaka Asset Management Ltd (Almaty) has the license #0401200134 for broker and dealer activity on the a capital market with the right of book keeping as the nominal holder, which has been given by the National Securities Commission of Kazakhstan (SSK) on December 15, 1999, and also the license #0403200017 for activity in the field of investment management, which has been given by SSK on December 20, 1999.

Ssk of kazakhstan has suspended demands on total volume of exchange' transactions in the listed shares

ALMATY? March 15 (�IRBIS�)

Decree #65 of the National Securities Commission of Kazakhstan (SSK) of February 26, 2000 has suspended till January 01, 2001 the fourth part of the 32nd item of "Rules of activity of the security trades organizers".

According to this item, shares of the official list of the Kazakhstan Stock Exchange (KASE) of the "A" category should be excluded from the list or transferred into the lower category, if the total volume of transactions for one year does not exceed 0.5% from the total announced volume of issue.

The decree inures from the date of the registration by the Ministry of Justice of Kazakhstan that is since March 09, 2000.

The basis for the Decree is the letter of KASE, directed to SSK, where is spoken that the given demands are hard-hitting for the emitters, and the listing category downturn can cause the negative influence on the listing companies images. Besides the majority of the companies were listed before the above mentioned demands concerning minimum annual volume were established.

It is necessary to note that since December 01, 1999 the new edition "Rules of the Securities Listing" of KASE has join into force. According to "Rules of the Securities trades organizers activity", approved by the SSK decree #19 of December 23, 1998, in this Rules there are demands concerning the companies, which securities are included in the official list of KASE under "A" category: they are obliged to have a market maker of their securities. This demand remains valid and according to the SSK letter from March 10, 2000 comes into effect since March 17, 2000.

Thus, according to the sub item 1.3 of the item 1 of the article 14 of "Rules about Securities Listing" in case of absence within three months (till June 17, 2000) of a market maker of the "A" category company shares, KASE will be compelled to lower a company's category.

Robertson & Blums Corporation Presented a New Program Product by J.D. Edwards



On Wednesday Robertson & Blums Corporation held an official presentation of the Russian localised version of its partner, J.D. Edwards, program products called One WorldTM.

One World is intended for a complex automation of big and middle-sized ventures and offers vertical solutions for a number of industries, including such of high importance for Kazakhstan: mining, metallurgical, gas and oil industries.

One World is a cross-platform, network-centric solution that meets all ERP standards and consists of three integrated general subsystems: Manufacturing, Financials, Distribution/Logistics. The system is designed to support multiple languages, currencies, various models of manufacturing, objects, consolidation and all necessary for enterprise activity models.

Note: J.D. Edwards is one of the top three worldwide enterprise software suppliers. Today the company has around 6,000 clients in more than 100 countries.

All business processes of One World system are provided graphically, the system has an object-oriented language which enables you to leverage any additional unique functionality. One World is based on workflow subsystem that provides decision-support schemes for enterprise.

The price of One World varies depending on the quantity of module and number of users from US$ 20,000 to 200,000. Depending on the degree of functionality the price for each user is US$ 400,000 to 4,000.

According to the marketing director of Robertson & Blums Corporation, Ekaterina Shapochka, One World solutions were called leading in such critical fields as management of supplies chain, and relations with clients, and electronic basis.

�In Kazakhstan the presentation of One World had been expected long ago. It seems to us that the local market is most prepared in this regards, that is why the first event is being held in Almaty,� Shapochka said in her interview to THE GLOBE.

According to Mrs. Shapochka, one of the presentation's goals is the upbringing of the market, declaration of ideas that will improve understanding of requirements and possibilities of enterprises.

Note: Robertson & Blums Corporation possesses 9 offices in CIS and countries and Baltic States. The Corporation has been dealing with promotion of J.D. Edwards since 1996. At present 5 of 12 enterprises using J.D. Edwards on the territory of FSU are situated in the country.

In the last year, Ekaterina Shapochka said, the office of Robertson & Blums in Kazakhstan had grown by 100%. At present 20 people work in it. Many clients from Kazakhstan use products by J.D. Edwards. In her opinion, it is cased by development of those industries in which the company's solutions are most advanced. For example, Tengizchevroil has been using the J.D. Edwards system for 5 years.

Besides, local enterprises are rather prepared for introduction of products than enterprises in Russia or the Ukraine. Possibly, this was connected �with better organisation and more understanding of requirements in the automation sphere, as well as with simplifying of the taking decision process.�

At KASE the first deal in PIS has been registered in repo sector

ALMATY, March 14 (�IRBIS�)

Today at Kazakhstan stock exchange (KASE) the first deal in private issue securities was registered in repo sector.

As an object of repo deal common inscribed shares of OJSC "Bank CenterCredit" (KASE official list of securities, category "A", trade code CCBN, NIN KZ1C36280419) were used. The deal was repo opening transaction for an amount of $371.7 th. Repo term � 260 days. Rate � 14.00% APR in currency terms.

NSC of Kazakhstan determined the types of professional activities on the stock market that can be performed by a single participant

ALMATY? March 15 (�IRBIS�)

By the resolution of the National securities commission of Kazakhstan #66, dated February 26, 2000, following types of professional activities on the stock market are allowed to combine:

� custodial � with brokerage and dealing, also with the activities on determining mutual claims and liabilities (clearing) on operations in securities;

� investment management of pension assets - with securities portfolio management activities, also with brokerage and dealing activities;

� depository - with maintaining the registry of securities owners of open people's joint stock company and with the activities on determining mutual claims and liabilities (clearing) on operations in securities.

The resolution goes into effect from the day it was registered with the ministry of justice of Kazakhstan, that is from March 9, 2000.

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