RESOLUTION OF THE STATE COMMITTEE OF THE REPUBLIC OF KAZAKHSTAN ON THE STATE-OWNED PROPERTY

of June 10, 1994 No. 138

About approval of the Regulations on procedure for sale of the state block of shares and use of the means received from its realization

For the purpose of implementation of the National program of privatization and privatization in the Republic of Kazakhstan for 1993-1995 (the II stage), the Presidential decree of the Republic of Kazakhstan of April 12, 1994 N 1643 "About use of the means received from sale of the state block of shares" and Resolutions of the Cabinet of Ministers of the Republic of Kazakhstan of March 10, 1994 N 257 "About approval of regulations on procedure for sale of the state block of shares" the State committee of the Republic of Kazakhstan on state-owned property decides:

1. Approve the enclosed Regulations on procedure for sale of the state block of shares and use of the means received from its realization.

2. To impose control over the implementation of this resolution on management of mass privatization of Committee.

Approved by the Resolution of the State committee of the Republic of Kazakhstan on state-owned property of June 10, 1994 No. 138

Regulations on procedure for sale of the state block of shares and use of the means received from its realization

I. General provisions

1.1. This provision establishes procedure and sales terms of the state block of shares of the joint-stock companies created based on the state companies, shares of national joint stock companies, including holding, state and with participation of the state, and also procedure for use of the received means from implementation of state-owned shares.

1.2. Sale of the state block of shares is performed according to the decision of the State Property Committee of the Republic of Kazakhstan by the State Privatization Fund (SPF).

1.3. The state blocks of shares can be realized by physical person and legal entity, including foreign.

1.4. The means received from sale of the state block of shares of joint-stock companies and companies are enlisted into their accounts and used only on investment into production.

1.5. For the joint-stock companies entering into national, state-owned joint stock companies, including holding the means received from implementation of the state block of shares are enlisted into accounts of the specified companies and used only on investment into production, diversification of their activities.

II. Methods of sale of shares and procedure for decision making about sale

2.1. Sale of shares is performed by the following methods:

- on commercial or investment tenders;

- by open sale of shares.

2.2. Methods of sale of shares are determined by the State Property Committee on the basis of offers from joint-stock companies, the companies, industry state bodies, local administrations and territorial committees.

2.3. Offers on methods of sale of the state block of shares are made by joint-stock company. Offers are represented to the State Property Committee in the form of the program which includes the feasibility statement on sale of state block of shares and method of sale.

2.4. For the joint-stock companies entering into national, state-owned joint stock companies, including holding sales quotations of the state block of shares are made by the specified companies.

III. Sale of shares on commercial or investment tender

3.1. The decision on sale of the state block of shares on commercial or investment tender accepts the State committee of the Republic of Kazakhstan on state property.

Commercial tender - sale of shares to the participant of tender who offered the highest price in case of observance of certain competitive conditions.

Investment tender - sale of shares to the participant of tender when from buyers, except observance of certain competitive conditions, the investings in joint-stock company according to the program installed by the Seller are also required.

"Seller" in this provision is understood as the state on behalf of the State Property Committee.

3.2. Treat conditions of commercial or investment tender:

- price of the block of shares;

- amount and terms of investment (for investment tender);

- preserving profile, production volume of goods, works and services during the time determined by the commission;

- restriction during certain time for resale of the block of shares to other legal entities and physical persons;

- improvement of quality and product competitiveness;

- preserving all or certain percent of workplaces during the time determined by the commission;

- requirements for content and use of the subjects to welfare appointment entering property complex of joint-stock company;

- prohibition of certain actions concerning object of tender;

- other terms offered by the Seller.

Conditions of commercial and investment tender affirm the Seller.

3.3. For the organization of sale of the state block of shares under GPF the working commission in the list of whom it is created representatives join:

- State Property Committee;

- GPF;

- Ministries of Finance;

- Ministries of Economics;

- bank, auditing services;

- the interested ministries and departments;

- joint-stock company;

- representative or executive bodies in the location of joint-stock company.

The commissions can be involved experts and specialists. In case of sale of blocks of shares to foreign investors representatives of the National agency on foreign investments under the Ministry of Economics of the Republic of Kazakhstan are attracted. Commission chairman is the representative of GPF.

3.4. The commission will organize in accordance with the established procedure the publication in republican mass media of the information message about joint-stock companies which shares are exposed on commercial or investment tender, accepts and registers immediately in process of receipt of the request (the commitment form Appendix N 1) the materials of applicants necessary for submission to the Commission; notifies in writing the applicant on recognition it by the participant of tender (form of the notification Appendix N 2), or about refusal in recognition by the participant or tender (refusal form Appendix N 3); determines the winner of tender; signs the protocol on results of tender (form of the Appendix N protocol 4); publishes information in republican mass media on tender results; if necessary attracts consulting firms.

3.5. Commercial tenders are open, and investment tenders can be both open, and closed.

The biddings when everyone legal entities and physical persons is allowed to participation are understood by open.

The biddings which number of participants is determined by the commission are understood by closed.

At commercial tenders of the offer are declared orally or in writing (that is determined by the Commission); on investment tenders of the offer are declared in writing.

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