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DGAP-Regulatory: Kazakhstan Kagazy PLC: Further announcement regarding the settlement agreement between Kazakhstan Kagazy PLC and Alliance Bank PLC
Kazakhstan Kagazy PLC / Re Agreement
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Almaty, 3 October 2014 г. - Kazakhstan Kagazy PLC (KK) and Alliance Bank JSC
(Alliance) are pleased to announce that they have agreed terms upon which KK
Group's outstanding loan indebtedness to Alliance Bank (totalling about KZT15.3bn,
including interest and penalties) will be fully and finally settled.
Under the terms of the signed settlement agreements, KK will transfer its selected
non-core assets, including land plots and Class B warehouses to Alliance. As a
result, KK will exit the logistics business. The settlement will allow KK to
reduce significantly its overall debt level and free financial and management
resources to focus on the company's core growing and profitable recycling and
paper manufacturing operations.
In addition, KK will pay between 2.7bn and 5.4bn KZT to Alliance, depending on the
outcome of KK's proceedings in London against the company's former shareholders.
KK's CEO, Tomas Mateos Werner, commented: 'I am very pleased that we have reached
a settlement with Alliance that allows us to continue growing our recycling
business. I also believe that we have gained a strong partner in Alliance Bank to
support our long-term strategy and investments in Kazakhstan.'
Alliance's Chairman, Timur Issatayev, commented that the Bank's strong preference
is to reach settlements with its debtors through a constructive dialogue.
Contact: Sadyr Shaguzhayev, Head of IR +7-727-244-8787
03.10.2014 The EquityStory.RS, LLC Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at http://www.dgap-medientreff.de and http://www.dgap.de
| Language: | English |
| Company: | Kazakhstan Kagazy PLC |
| 33-37 Athol Street | |
| IM1 1LB Douglas | |
| Isle of Man | |
| Phone: | +7-727-244-87-87 |
| Fax: | +7-727-244-87-82 |
| E-mail: | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| Internet: | http://www.kazakhstankagazy.com |
| ISIN: | US48667M2035 |
| Listed: | London |
| Category Code: | AGR |
| TIDM: | KAG |
| Sequence Number: | 2308 |
| Time of Receipt: | Oct 03, 2014 05:16:16 |
End of Announcement |
EquityStory.RS, LLC News-Service |