Changes in the Board of Directors of BTA and Increase of Shareholders' Equity08.09.2006 / Press-service
Special meeting of JSC "Bank TuranAlem" shareholders took place on 08 September, 2006. It is decided to increase the shareholders' equity by $400 million.
"Increase of shareholder's equity is connected to adoption of new strategy of the Bank for 2015, which involves consolidation of BTA positions in CIS markets." – says Roman Solodchenko, BTA Finance Director. "Estimated volume of 10th issue is 50.184 billion tenge. Shareholder's equity at the end of the year will be 1.7 billion USD. It is proposed to use the means from stock floatation for acquisition of majority holdings in the banks-strategic partners of BTA. At the moment the issue is being agreed with Republic of Kazakhstan Agency on supervision and regulation of financial market and financial organizations".
Price of allocation is 62,178 tenge for share or 6.2 nominal values. It was decided as a result of the deal on sale of shares owned by Raiffeisen International (Austria) to consortium, headed by Swedish investment group East Capital. Shares will be distributed proportionally among present shareholders, majority of which confirmed their participation in the new issue.
Shareholders of the Bank approved the changes to the Board of Directors. Representative of the consortium, Yurki Talvite, enters the Board instead of Artur Iliyav, Director of Raiffeisen International. Member of the Board Anatolyi Pogorelov, who left BTA, was replaced by Saduakas Mameshtegi. Associate representative of international shareholders Iraklyi Managadze changed Nicholas Tesseyman.
Changes to the Board of Directors are caused by change of shareholder, as well as Bank's striving for increase of efficiency of Board of Directors activity, as a key body, defining development strategy and other principal aspects of Bank work. Professional and experienced management with proper professional and personal qualities can insure stable development of the Bank and its transparency for investors.