The transnational company Kazchrome will start paying dividends of 10% for 1997 to the holders of the company's preferred shares not later than 1 May this year. This decision was reached at the general shareholders' meeting held on 1 February. No dividend will be paid on common shares. Also, at the meeting a new company charter was approved to comply with the amended law "On Joint Stock Companies" dated 10 July 1998. And a Board of Directors was elected in lieu of the abolished supervisory council. (Interfax)

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In 1998 the Zhairemsky Mining and Concentrating Plant, a producer of iron and manganese ore based in Central Kazakhstan, almost doubled its output compared with 1997. According to its director, Sergei Salmanov, the plant produced 1 million tonnes of iron and manganese ore in 1998 compared with 600,000 tonnes in 1997. The output of manganese and iron concentrates increased by 1.6 and 3 times, respectively. Sales of manganese and iron concentrates exceeded the 1997 figures by 3 times and 1.6 times, respectively. The plant had to stop shipments of iron concentrate to Russia in 4Q98 due to the insolvency of Russian companies which, in fact, have been the plant's major clients. Currently it supplies only manganese concentrate to Russia. The plant's other large client is Ispat Karmet, Kazakhstan's giant steel producer. (Interfax)

The Halyk Savings Bank of Kazakhstan (HSBK) posted a net profit of KZT 552.5m (USD 6.5m) in 1998 after a KZT 244m profit a year ago. The bank's 1998 financial results were audited by Arthur Andersen. According to Reuters, HSBK increased its capital to KZT 4.8bn (USD 56.2m) from KZT 3.3bn in the previous year. The bank's assets grew to KZT 39.7bn (about USD 465m) from KZT 37.8bn in 1997. The bank increased its shareholder equity to KZT 3.0bn in 1998 through issuing shares. At present, HSBK is 80% owned by the state, and 10% of the shares are held by the bank's clients. The remaining 10% of the shares were bought by a national investor last year.

According to its chairman, Karim Masimov, HSBK hopes to attract a new syndicated loan in 2Q99. The bank, along with American Express, is negotiating with a number of banks that will likely form the syndicate. The first time the bank signed a syndicated loan agreement in December 1997 (for USD 40m), it fully repaid it in 1998. (Reuters)

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The 1998 net income of JSC Bank CentreCredit totalled KZT 129.4m (USD 1.5m), the bank's Deputy Chairman, Kambar Shalgimbaev, told Reuters. The bank was formed in 1998 as a result of the merger of two banks—CentreCredit and Zhilstroibank. Small and medium-sized companies hold 78.5% of the bank's shares. The other 21.5% of the shares belong to the state and are to be auctioned on the KASE this year. The bank is among the five top private banks in Kazakhstan. It has 33 branches throughout the country. The bank's financial statements were audited by Ernst & Young. (Reuters)