OREANDA-NEWS. September 29, 2009. GLOTUR (Almaty) informed Kazakhstan Stock Exchange (KASE) by the official letter on the delay of the coupon interest payment on bonds KZ2C0Y05C440 (KASE official list, the second subcategory of "Non-rated Debt Securities" category, GLOTb2; KZT1, KZT9.0 bn; March 20, 07 - March 20, 12, the semi-annual coupon indexed at the inflation rate, 21.50 % APR for the reporting coupon period; 30/360), reported the press-centre of KASE.

According to the mentioned bonds issue prospectus GLOTUR must have been paid this interest on March 20, 2009. The prospectus The issue prospectus stipulates that "in case of non-payment of an interest (coupon) and/or its principal debt within a period, set forth by this prospectus, an Issuer must pay to this issue bonds holders a fine for each day of delay, accrued based on the official refunding rate of the National Bank of the Republic of Kazakhstan on the day of the monetary obligations fulfillment or its corresponding part".

In the letter GLOTUR informed that:

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GLOTUR informs on inability to timely fulfill obligations on the coupon interest payment.

All funds from securities placement were allocated to investment projects and financial instruments, which did not result in expected financial inflows due to the world financial crisis.

At present the company management focuses on correction of the situation and repayment of debts. The management developed a plan allowing repayment of debts on the coupon and restoring the investors trust. The debt repayment is planned in the fourth quarter of 2009.