OREANDA-NEWS. September 10, 2009. ROSA (Pavlodar) informed Kazakhstan Stock Exchange (KASE) on delay in payment of the sixth coupon interest on bonds KZ2CKY05C040 (KASE official list, second subcategory of Non-rated debt securities, ROSAb2; KZT1,000, KZT1.8 bn; 18.05.06 - 18.05.11, semiannual coupon indexed to inflation rate, 11.00 % APR as for the reporting coupon period; 30/360), reported the press-centre of KASE.

According to the prospectus of issue of the bonds, ROSA had to pay the coupon interest in the period May 18 through May 29, 2009. The prospectus specifies "in case of default or partial default on interest or principal payment at fault of  the Issuer, the Issuer must pay bondholders a principal and a fine for each day of delay, based on the official refinance rate set by the Kazakhstan National Bank as on the day of compliance with obligations".

ROSA informed of the following:

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Herewith, we inform, as on August 31, 2009 the company's bond interest payment debt is KZT86,372,236.

The debt formed due to lack of working capital, which was caused by a decline in production sales after fall of consumer demand.

Besides, the Company before summer had debts on wages and salaries, and debt on budget. The debt was repaid in summer. Unfortunately, we have not received expected revenues to repay debt on interest payment.

ROSA is planning to repay coupon on bonds before December 31, 2009 thanks to working capital and raised funds.

The company requested bondholders about a possibility to postpone payment till December 31, 2009.

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Earlier, KASE released news on June 5, 2009 "ROSA (Kazakhstan) delays payment of 6th coupon on bonds KZ2CKY05C040 (ROSAb2) till September 1, 2009" at http://www.kase.kz/en/news/show/1075677

At the time being sixteen companies, listed on KASE, informed on insolvency to partially or fully comply with obligations on bonds. The list of listing companies, defaulted on bonds, is available at the KASE website in section "Issuers" ("default") at http://www.kase.kz/en/emitters