OREANDA-NEWS. On January 06, 2009 Alliance Bank (Almaty), the listed company of Kazakhstan Stock Exchange (KASE), provided to KASE the press release of December 31, 2008 on the following, reported the press-centre of KASE:

In accordance with the Joint Action Plan aimed at economic and financial system stabilization, developed by the Kazakhstan Government, National Bank and Agency on regulation and supervision of the financial market and financial organizations (FSA) for 2009-2010, Alliance Bank (LSE: ALLB) considers it necessary to provide further clarification on the Memorandum of Understanding signed between the Bank, its major shareholder, Seimar Alliance Financial Corporation, Kazakhstan Government, National Bank, FSA and JSC SamrukKazyna National Welfare Fund.

In accordance with the Agreement, Alliance Bank has undertaken to sell 25% of the Bank's total ordinary shares to SamrukKazyna Fund.

Currently, Alliance Bank is placing its ordinary shares in the number of 1 900 000 (one million nine hundred thousand), that is 16.47% of the Bank's total ordinary shares.

To meet its obligations, Alliance Bank is ready to offer to SamrukKazyna 1 711 077 (one million seven hundred eleven thousand seventy seven) ordinary shares that is 14.83% of the Bank's declared but not placed shares. This number of shares was calculated with due account of the pre-emption right to be executed by the shareholders of Alliance Bank in compliance with the legislation of the Republic of Kazakhstan as well as by the holders of the global depository receipts pursuant to the applicable law.

Other Bank's shares subject to sale to SamrukKazyna Fund under the Agreement will be placed after additional issue of the ordinary shares of Alliance Bank. Decision related to volume and terms of additional issue will be taken at the extraordinary general meeting of shareholders of the Bank on 15th January, 2009.

Total state financing provided to Alliance Bank through the purchase of its shares will amount to not less than USD 370 million. As a lawful proprietor of 25% of Alliance Bank's stock, SamrukKazyna Fund of National Welfare undertakes not to intervene in operational activity of the Bank.

Major shareholder of Alliance Bank, Seimar Alliance Financial Corporation, will be provided a buy-back option for the Bank's shares acquired by SamrukKazyna State Fund. Option period will be specified under the respective share sale transactions which are scheduled to be signed early in 2009.