OREANDA-NEWS. On May 26, 2009 JSC Kazkommertsbank (“the Bank” or “KKB”), one of the leading banks in Kazakhstan, announced that at its Annual General Meeting (AGM) held today all the resolutions were voted on and passed with the required majorities, reported the press-centre of Kazkommertsbank.

The Bank would like to highlight the following resolutions:

The AGM approved the Bank’s audited, consolidated, annual financial statements for 2008 and the Management Report for 2008.

The AGM approved 10 December 2009 as the start date for the payment of dividends on the Bank’s preference shares. In order to receive these dividends investors will need to be registered holders of the preference shares on 10 November 2009. According to the Shares Emission Prospectus, the dividend on the Bank’s preference shares is fixed at US 0.04 (US 4 cents) per preference share.

The AGM approved the Board’s recommendation not to pay a dividend on the Bank’s common shares with respect to its 2008 results. As a result, 2008’s net profit of KZT 20,164 million has boosted shareholders’ funds as retained earnings.

The Bank’s reserve capital has been increased by KZT 5.4 billion from retained earnings, and was set at now stands at KZT 50 billion. This does not affect the Bank’s overall equity position, as retained earnings and provisions are included in Total Equity

The term of Mr. M.S. Yerzhanov, non-executive director and a member of the Board of Directors elected in 2008 for 1-year period was prolonged for one more year.

The AGM also authorised the Board of Directors of the Bank to approve the Share Issue Prospectus and changes to it; approved remuneration for the members of the Board of Directors for 2009; considered shareholders’ appeals to the Bank and its authorities’ actions and the results of this consideration ; and were informed about the remuneration of the members of the Board of Directors and Management Board in 2008.