OREANDA-NEWS. On May 13, 2009. Transstroimost (Almaty Region) informed Kazakhstan Stock Exchange (KASE) by the official letter on the delay of payment of the sixth coupon interest on its bonds KZ2CKY05B950 (KASE official list, the first subcategory of "Non-rated Debt Securities" category, TSSMb1; KZT100, KZT5.0 bn; April 6, 06 - April 6, 11, the semi-annual coupon indexed on the inflation rate, 12.00 % APR for the reporting coupon period), reported the press-centre of KASE.

According to the mentioned bonds issue prospectus Transstroimost must have been paid this interest on April 6-17, 2009. The prospectus stipulates that "in favor of bonds holders a fine is accrued for each day o delay, calculated based on the official rate of refunding of the National Bank of the Republic of Kazakhstan on the day of the monetary obligation fulfillment or its corresponding part".

In the letter Transstroimost informs on the following:

Transstroimost informs that the sixth coupon period interest payment from April 6, 2008 to April 6, 2009 in compliance with bonds issue terms (NIN KZ2CKY05B950) is delayed due to the lack of circulating assets. The liquidity shortage occurred because clients delayed payments for services provided for the 4th quarter of 2008.

In order to decrease the social tension Transstroimost has to repay debts on employees and workers salaries from inflowing funds on construction works, and has to pay for raw materials to avoid production failure. Based on the above reasons Transstroimost proposed to delay the sixth coupon interest payment till the current year end, having increased the coupon rate to the maximum rate (from 11.2 to 12).

At present not all bonds holders gave an answer and based on the above mentioned Association of Kazakhstan Financers proposes to implement on May 8, 09 the working group meeting to discuss this issue with representatives of Transstroimost and AFS members – Transstroimost bonds holders. Additional information will be provided based on the meeting results.