Kazakhstan Kagazy reports on the debt restructuring status

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Kazakhstan Kagazy reports on the debt restructuring status

Details: Created on Thursday, 28 July 2011 14:19

Almaty, Kazakhstan - 28 July, 2011 - JSC Kazakhstan Kagazy (hereinafter "the Group" or "Kazakhstan Kagazy") is pleased to announce that through the execution of agreements on the sale of logistics equipment and motor vehicles, it has redeemed the equipment used in operating the A Class warehouse complex from JSC ATF Bank. The Group concluded the agreements with the approval of the JSC Development Bank of Kazakhstan in order to ensure the continuous operation of the warehouse complex. The equipment had previously been collateral in the JSC ATF Bank loan. "We are pleased with the agreements reached. The Group's strategy has ensured successful negotiations and positive results. Our customers can be confident that the A Class warehouse complex will operate in compliance with the established standards and at full capacity", noted Ermek Mubarakov, Director General of PD Logistics, subsidiary of Kazakhstan Kagazy in logistics business.

In addition, the Group reports that the process of restructuring the debt payable to Raiffeisen Leasing Kazakhstan has been completed. Negotiations have led to agreements on the principal parameters that are acceptable to both parties. The debt payable to Raiffeisen Leasing Kazakhstan for the equipment is part of the Group's debt subject to restructuring. The equipment purchased on lease is being used within the Group's paper business.

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Kazakhstan Kagazy

Nellya Kim

PR Manager

Tel.: +7 7272 44 87 96

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Almaty, Kazakhstan - July 28, 2011 - Kazakhstan Kagazy JSC (hereinafter referred to as "Group" or "Kazakhstan Kagazy") is glad to inform about redemption of equipment involved in A class warehousing complex operation from ATF Bank by signing of Agreements on sale and purchase of logistic equipment and motor vehicles.