22.12.2008, 09:11
UlarUmit and Jetysu Asset Management Support Capital Increase
OREANDA-NEWS. On December 5, 2008 The shareholders of UlarUmit Pension Fund and Jetysu Management Company, which manages the Fund’s assets, have announced their intention to allocate KZT20 billion to reinforce the Fund’s financial position, supporting its stability in the current conditions of global uncertainty, reported the press-centre of Kazkommertsbank
To maintain UlarUmit’s financial stability, the Fund’s shareholders, including Kazkommertsbank, Terminal Ltd and Vneshinvest Ltd and Astana Finance (the managing company of 2000 shares held by Terminal Ltd and Vneshinvest Ltd), decided in September 2008 to subscribe for an additional 40 000 shares. Payment for the additional share issue was completed by 1 December 2008 and as a result the charter capital of the fund reached KZT 4.84 billion.
At the shareholders meeting on 10 December 2008 it was decided to further enlarge the charter capital of UlarUmit by increasing the number of common shares by 50,000 to 94,000.
In order to eliminate the Fund’s deficit in liquid assets, in line with the need to fulfill the prudential requirements represented by K1 ratio, it is intended to increase the charter capital of the Fund by an additional KZT 5.5 billion, bringing its size to KZT 10.34 billion.
In addition, the shareholders of Jetysu Management Company, Kazkommertsbank and MMA Holding Ltd, into allocate KZT 10.1 billion to increase the charter capital of Fund’s asset manager. This decision was made taking into account the potential liabilities of UlarUmit and its managing company in respect of current legislation.
In this way the shareholders of UlarUmit and Jetysu plan to invest more than KZT 20 billion in the near future, which will undoubtedly strengthen the position of the Fund in the Kazakh market.
The Chairman of the Board of Directors of Astana-Finance Mr Saduakas Mameshtegi said that these measures were taken in response to high levels of volatility on global markets: “the value of securities in pension fund portfolios are unlikely to increase before the end of the year. In this situation, increasing the Fund’s charter capital is one of the most effective measures to maintain the Fund’s robustness”.
New shares will be purchased for the amount to be agreed by the Management and the Board of Directors and necessary for the Fund and Management Company to maintain its prudential requirements.
Ms Nina Zhussupova, CEO of Kazkommertsbank, which holds 49.35% of the Fund’s capital said: “Shareholders are committed to undertaking all measures to enable UlarUmit to continue with its main task, preserving the pension savings of its customers”.
UlarUmit Pension Fund is the first pension savings fund in the Republic of Kazakhstan (license #0000001). The Fund has more than 1.4 million customers all over the country, serviced through 17 branches and 53 representative offices. More information can be found at www.ularumit.kz.
To maintain UlarUmit’s financial stability, the Fund’s shareholders, including Kazkommertsbank, Terminal Ltd and Vneshinvest Ltd and Astana Finance (the managing company of 2000 shares held by Terminal Ltd and Vneshinvest Ltd), decided in September 2008 to subscribe for an additional 40 000 shares. Payment for the additional share issue was completed by 1 December 2008 and as a result the charter capital of the fund reached KZT 4.84 billion.
At the shareholders meeting on 10 December 2008 it was decided to further enlarge the charter capital of UlarUmit by increasing the number of common shares by 50,000 to 94,000.
In order to eliminate the Fund’s deficit in liquid assets, in line with the need to fulfill the prudential requirements represented by K1 ratio, it is intended to increase the charter capital of the Fund by an additional KZT 5.5 billion, bringing its size to KZT 10.34 billion.
In addition, the shareholders of Jetysu Management Company, Kazkommertsbank and MMA Holding Ltd, into allocate KZT 10.1 billion to increase the charter capital of Fund’s asset manager. This decision was made taking into account the potential liabilities of UlarUmit and its managing company in respect of current legislation.
In this way the shareholders of UlarUmit and Jetysu plan to invest more than KZT 20 billion in the near future, which will undoubtedly strengthen the position of the Fund in the Kazakh market.
The Chairman of the Board of Directors of Astana-Finance Mr Saduakas Mameshtegi said that these measures were taken in response to high levels of volatility on global markets: “the value of securities in pension fund portfolios are unlikely to increase before the end of the year. In this situation, increasing the Fund’s charter capital is one of the most effective measures to maintain the Fund’s robustness”.
New shares will be purchased for the amount to be agreed by the Management and the Board of Directors and necessary for the Fund and Management Company to maintain its prudential requirements.
Ms Nina Zhussupova, CEO of Kazkommertsbank, which holds 49.35% of the Fund’s capital said: “Shareholders are committed to undertaking all measures to enable UlarUmit to continue with its main task, preserving the pension savings of its customers”.
UlarUmit Pension Fund is the first pension savings fund in the Republic of Kazakhstan (license #0000001). The Fund has more than 1.4 million customers all over the country, serviced through 17 branches and 53 representative offices. More information can be found at www.ularumit.kz.
Комментарии