ABIndex news

3 April, 2008

ABIndex: “Kyrgyzstan Commercial Bank” has worked with doubly income

Meeting quorum was 98.2% (31 618 612), but during the meeting the resolution of the inderdistrict Court of Osh province was announced, that part of voted shares of Bank (1 192 829 pc or 3.7%) are distain. As it well known, these shares belong to one of the main shareholder of Bank - to Anipa Babanova and do not have right to take part in voting process and are not taken into account during quorum calculation.

In accordance with Point #5 Chapter #25 of Kyrgyz Republic Law “About Joint-Stock Companies” “none, including court can has permission to restrict the rights of shareholders to take part in general meeting of the shareholders, to vote at general meeting of shareholders, and other related issues (on voting, on securities alienation)”. This court resolution was taken place on 28th March, the day before of annual general meeting of the shareholders. The respond of representatives of Anipa Babanova for such interested court resolution was adequate, as result officially was announced about possibly planned raider seizure of above said pack of securities.

Thus, taking into account court resolution, meeting quorum was 94.5% (30 425 782 voted shares). Total, 32 182 352 shares are in circulation, including 10 000 pc are privileged.

According to the results of the financial-logistic activity of 2007, net income of the Bank was 67 million soms, as the same time in 2006 the financial result was 25 million soms.

The subject related to the net income distribution, particularly decision about dividends payments will be decided on extraordinary general meeting of shareholders, that will be held after the complex audit of the Bank and liberalization solution of NBKR. According to the preliminary calculation, in case of positive decision about dividends payment issues, shareholders will receive the dividends in amount of app. 50 tyiyns per share or it is 25% out of net income. It is forecasted that rest part of income will be charged to improve of the material-technical base of the Bank.

We would remind you that according to the results of 2006, for dividends payments purpose 60% out of the net income was charged, or 15 million soms, 0.54 soms per share. But, the shareholders could not receive it, due to there was no temporary liberalization for dividends payment settled by the National bank of the Kyrgyz Republic.

Among standard subjects of meeting Agenda, the issue about increasing the quantity of circulated ordinary shares of company was considered. As result, shareholders’ meeting has decided to issue 11th additional emission for total amount 70 million soms. Shares will be distributed among shareholders on proportional parts base of authorized capital. The applicants to purchase the shares should submit their intentions before 1st July 2008. Taking into account the market price of shares of the “CB Kyrgyzstan” OJSC exceed placement cost of shares (nominal cost), as well as the meeting did not take decision about closed placement of additional issued shares, thus shares will be placed in public order. Thus, after this shareholders who participated in annual general meeting and have intention to procure shares of additional emission will use their advantage right, each who is willing has right to procure these shares, after passing all requested procedures settled up in frame of securities issue process.

During the period since 1st January 2007 till 1st April 2008, according to the 3 trade grounds 9 transactions for total amount of 3.9 million soms were performed. Average price for this period was 5.28 soms, and maximum price reached 10 soms per share, and minimum price was 4 soms per share.

Following shareholder’s representatives were selected as members of the Directors Board:

Material is prepared by the BNC Finance Investment company in frame ABIndex project on enlighten and assessment events on the Kyrgyz Stock Market.

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