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2 Ноябрь, 2017

Essay on the Extraordinary General Meeting of Shareholders of Kyrgyztelecom OJSC

On October 5, 2017, an extraordinary general meeting of shareholders of Kyrgyztelecom OJSC took place.

The main reason for the convocation of the meeting was the requirement of the Fund for State Property Management under the Government of the Kyrgyz Republic for early termination of the powers of the current Board of Directors and the election of a new Board of Directors.

At the beginning of the meeting, shareholders of OJSC Kyrgyztelecom, Taranchiev Erik Tokbaevich and Zhumabaev Burkhan Zhumabayevich commented that the meeting convened in violation of deadlines, the materials of the meeting, namely the list of nominated candidates to the Board of Directors and information about them were not available, neither during the established 20 days prior to the meeting, nor at the meeting itself (all in the voting bulletin were the names of 27 candidates, including 5 people from the current membership). Also, the State Property Fund did not give a clear and motivated answer to the question of the reason for the early termination of the powers of the members of the Board of Directors, which is also a violation of the provisions of the Law of the Kyrgyz Republic "On Joint Stock Companies". It was noted that the shareholder has the right to elect members of the Board of Directors and terminate their powers ahead of schedule, and the major shareholder exercised this right.

Members of the Board of Directors, realizing that on October 6, 2017 they are unlikely to continue their work in Kyrgyztelecom OJSC, decided to report to the general meeting of shareholders on the results achieved during their work, i.e. starting from August 12, 2015. On behalf of the Board of Directors spoke its Chairman - Usenkanov Bekzat Bahdatkanovich, and his senior colleague - Iskakov Salavat Turduhodzhaevich.

If you look at the numbers, the Board of Directors could boast of the following results:

(1) by Dec. 31, 2016 the net profit amounted to 237,296 thousand som, in comparison with the loss of 9,761 thousand soms as of the end of 2015. In the first half of 2017, net profit amounted to 202,199 thousand soms;

(2) The dividend per share by the end of 2016 amounted to 0.5622 som per share, in comparison to 0 som at the end of 2015, and 0.04 som by the end of 2014;

(3) The amount of long-term loan debt from the China Development Bank decreased significantly, as of Jan. 01, 2016 it was $7.04 million, by Jan. 01, 2017 - $2.56 million, and by Sep. 01, 2017 already $713 thousands;

(4) The amount of long-term debt under the loan of the Korea Economic Development Cooperation Fund as of Jan. 01, 2016 was $7.916 million, by Jan. 01, 2017 - $7.109 million, and by Sep. 01, 2017 - $7.027 million;

(5) Other accounts payable of "Kyrgyztelecom" OJSC as of 01.01.2016 amounted to 821.6 million soms, as of Jan. 01, 2017 - 749.3 million soms, and as of Sep. 1, 2017 - 698.3 million soms;

(6) Trade receivables (debt collection) as of 01.01.2016 amounted to 242.6 million soms, as of 01.01.2017 - 147.2 million soms, as of 01.09.2017 - 149.12 million soms.

(7) The average salary has risen from 15,507 soms in 2015 to 15,510 soms in 2016 and up to 16,222 soms in 2017;

(8) By eliminating duplicate functional duties, as well as other unnecessary services, for example providing dial-up and international calls services, the total number of employees has been reduced from 3,138 in 2015 to 3,115 in 2016 and down to 3,002 in 2017;

Such results were achieved due to the universal audit of the activities of structural units, movable and immovable property, optimization of business processes, establishment of market prices for real estate being leased.

The majority of shareholders expressed support for the excellent performance of the Board of Directors, and many were perplexed about the reasons why the State Property Fund decided to terminate the powers of the members of the Board of Directors ahead of schedule.

Despite the logical nature of keeping the current Board of Directors, the State Property Fund, taking advantage of the ownership of a large shareholding (77.8%) decided the following:

(1) To terminate ahead of schedule the powers of Usenkanov Bekzat Bahdatkanovich, Kadyrbekov Daniel Zhenalievich, Iskakov Salavat Turduhojaevich, Jamgyrchiev Muratbek Abasovich and Isakov Akylbek Seyitbekovich;

(2) To elect Abdibekov Nurbakyt Abdibekovich, Bianki Maralbu, Djanuzakov Aibek Koboshbaevich, Rahmankulov Almazbek Rahmankulovich and Soltobaev Aziz Osmonovich to the Board of Directors.

After the announcement of the voting results, the newly elected members of the Board of Directors of Kyrgyztelecom OJSC came out one by one to the tribune and briefly described themselves and their knowledge and achievements.

Link to the information of the Board of Directors on the results of work

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