The meeting of the Board of Directors of KEGOC was attended by:
1. Nurlan Akhanzaripov, member of the Board of Directors of KEGOC, senior independent director.
2. Ulf Wokurka, member of the Board of Directors of KEGOC, independent director.
3. Damir Suyentayev, member of the Board of Directors of KEGOC, independent director.
4. Alexey Repin, chairman of the Board of Directors of KEGOC.
5. Almat Zhamiyev, member of the Board of Directors of KEGOC, representative of Samruk-Kazyna.
6. Kanysh Moldabayev, member of the Board of Directors of KEGOC, chairman of the Management Board of KEGOC.
Yernat Berdigulov, the Chairman of the Board of Directors was absent due to business trip.
The meeting of the Board of Directors on 31 May 2023, considered five (5) agenda items, which should be brought to the attention of shareholders and investors in accordance with the List of agenda items approved by the Board of Directors on 13 July 2017 (Minutes No. 6).
1. Approve KEGOC's interim financial statements for the period ended 31 March 2023.
The Board of Directors made a decision to approve KEGOC's interim financial statements for the period on 31 March 2023.
PRO: seven;
CON: none;
ABSTAIN: none.
2. On the approval of key parameters and the adoption of a decision on the transition to "Definition" and "Implementation” stages of “South Kazakhstan Electricity Transmission Reinforcement Project. Construction of power grid facilities”.
The Board of Directors decided to:
1. Approve the key parameters of “South Kazakhstan Electricity Transmission Reinforcement Project. Construction of power grid facilities” in accordance with the conclusion of GosExpertiza RSE on the feasibility study report of the project.
2. Approve the transition to "Definition" and "Implementation" stages and conclusion of the EPC contract (turnkey contract).
3. Clauses 1 and 2 of this decision shall take effect after being approved by Samruk-Kazyna JSC's Investment and Strategic Committee.
4. The Chairman of the Management Board of KEGOC (Kanysh Moldabayev) to take actions as required by this decision. PRO: seven;
CON: none;
ABSTAIN: none.
3. Consideration of the Major Investment Project Progress Report for Q1 2023
The Board of Directors decided to take the note of KEGOC's Major Investment Project Progress Report for Q1 2023.
PRO: seven;
CON: none;
ABSTAIN: none.
4. Approval of the new revision of the Code of Conduct (Business Ethics Code) of KEGOC
The Board of Directors decided to:
1. Approve the new revision of the Code of Conduct (Business Ethics Code) of Kazakhstan Electricity Grid Operating Company (KEGOC) joint stock company.
2. Nullify the Code of Conduct (Business Ethics Code) of KEGOC, approved by the decision of the Board of Directors dated 30 November 2018 (Minutes No. 12);
3. The Chairman of the Management Board of KEGOC (Kanysh Moldabayev) to take actions as required by this decision.
PRO: seven;
CON: none;
ABSTAIN: none.
5. Increase in KEGOC's liabilities by ten (10) and more percent of the Company's equity
The Board of Directors decided to:
1. Approve, after the approval by the Investment and Strategic Committee of Samruk-Kazyna JSC, an increase in the liabilities of KEGOC by 10 (ten) or more percent of its equity by concluding loan agreement(s) with creditors (Asian Development Bank, Development Bank of Kazakhstan JSC) for an amount including the principal debt up to KZT 108 billion and interest and other payments payable by KEGOC in accordance with the loan agreement(s) based on the following conditions:
1) Loan maturity: 15 years
2) Amount of borrowed funds: up to KZT 108 (one hundred and eight) billion;
3) Interest rate: TONIA + 3% per annum (Asian Development Bank), Development Bank of Kazakhstan JSC (from 9% per annum).
2. Clause 1 of this decision shall take effect after being approved by Samruk-Kazyna JSC's Investment and Strategic Committee.
3. The Chairman of the Management Board of KEGOC (Kanysh Moldabayev) to take actions as required by this decision.
PRO: seven;
CON: none;
ABSTAIN: none.