The Regulations
of tendering on realization of the state share holdings
on trading system of CJSC "Kyrgyz Stock Exchange".


1. The present Regulations is developed according to the legislation of the Kyrgyz Republic on a securities market and internal documents of CJSC «Kyrgyz Stock Exchange » and CJSC «Central Depository».The rules, establishes conditions and the order of tendering by the shares which are taking place in the property of the state, in trading system of CJSC « Kyrgyz Stock Exchange».

2. Terms and definitions:
Stock Exchange - CJSC «Kyrgyz Stock Exchange»;
Depository – CJSC «Central Depository»;
Lead – Lead - a part of the share holding exposed by authorized body on sale, sold at the Stock exchange within the area of one trading session;
Depository Clearing Bank - Commercial bank with which Depository has concluded the contract on settlement - clearing service oicipanf transactions on the stock exchange.
Share holding - Total: amount of shares of the concrete emitter in absolute expression and in percentage, exposed by the authorized body on sale.
The winner of auction - the partt of the tenders offered the greatest price for the sold package (lead) at the Stock exchange.
The starting price - a floor price on which participants of the tenders can submit applications and concludes transactions at a Stock exchange, established by the authorized body.
The authorized body - the authorized state body on management of the state property.
The participant of the tenders - the broker registered at the Stock exchange representing interests of the seller on behalf of Authorized body or the buyer.
Clearing bank - bank which has concluded the contract with Depository.

3. The tenders by packages the shares to the state, are carried out:
- Method of accommodation;
- Method of direct applications;
According to Rules of exchange trade (the Exchange charter) stock exchanges. Time of carrying out of each tenders is established by a stock exchange within the limits of trading session.

4. The public tenders by the share holdings, taking place in the property of the state, concern to the transactions on the stock exchange concluded by a method of accommodation agrees articles 28 of the Exchange charter of the Stock exchange (further « the Exchange charter »), in the order established by the present Rules

The participant of the tenders initiating carrying out of the public tenders, not later than 30 days before prospective date of the tenders, should give to the Stock exchange the following documents:
- Applications in the any form.
- Copy of the decision of the authorized state body on management of the state property about realization of the state share holding through the licensed organizer of the tenders (Stock exchange) certified by this authorized state body;
- The document confirming powers of the Participant of the tenders to represent interests of authorized state body on management by the state property.
Besides not later than 15 days before prospective date of the tenders, it should present the Stock exchange of data on the Emitter of sold securities, agrees item 7 of the present Rules.

5. The participant of the tenders conducting the tenders by a method of direct applications, not later than 3 days should give the following documents:
- Copy of the decision of the authorized state body on management of the state property about realization of the state share holding through the licensed organizer of the tenders (Stock exchange) certified by this authorized state body;
- The document confirming powers of the Participant of the tenders to represent interests of authorized state body on management by the state property.

6. The decision of the authorized state body on management of the state property about realization of the state share holding through the public tenders should provide:
- The description of terms and ways of calculati;
- The indication an opportunity of sale of shares by leads, or an indivisible package;
- The starting price for one share or the description of a way of its definition in other cases;
- The size of a step of auction if it is determined by the commission;
- Other essential conditions of tendering.

7. Structure of data of the Emitter for the public tenders which are represented by the Participant of the tenders representing interests of Authorized body, according to item 4 of the present Rules:
а) Copy of the Charter of the Emitter.
б) Copies of decisions on the state Registration course NBKR on: of the securities exposed on sale;
в) Finance reports of the Emitter for the last 2 years (Forms №1, 2).
г) The conclusion of the independent appraiser at cost of shares.
д) Copy of the decision about reorganization of the Emitter to joint-stock company.
е) Brief information on joint-stock company (a field of activity, structure of controls and the control, the list of the shareholders owning of 5 % and more of shares of a society for date of representation of the information).
ж) Extract from the register under the securities belonging to the state.

8. Because of that transactions on trade in packages of the securities belonging to the state, have special conditions of payment, execution of such transactions, will occur on conditions of delivery against payment under circuit "Т+3" if other procedure of payments is not stipulated by the decision of the authorized state body.In case of application of a method of direct applications at the transaction on trade in packages of the securities belonging to the state that execution of such transactions, will occur on conditions of delivery against payment under circuit "Т+1" if other procedure of payments is not stipulated by the decision of the authorized state body.

9. The participant of the tenders having intention to get the share at the organized public tenders, should not later than 16 hours of 00 minutes of the day previous to day of tendering to bring on the clearing account in the Clearing bank a guarantee payment in the sum of 10 % from cost of shares under the starting price, and in case of tendering without an establishment of the starting price in the sum not less than 1000 МRP.

10. The winner of auction (i.e. The participant of the tenders offered the greatest price for the sold package (lead) during the tenders), except for payment for got is obliged to pay a share holding, the commission gathering established by Authorized body and other necessary payments according to the legislation of the Kyrgyz Republic (further - cost and other payments).

11. The winner of auction is obliged to make payment of cost and other payments in full, minus a guarantee payment on the clearing account in the Clearing bank not later than 15 hours of 00 minutes of day of carrying out of calculations under the made transaction.

12. The transaction made during the tenders is cancelled in case the Winner of auction will not make payment of cost and other payments in full and in the order and terms established by item 11 of the present Rules, and the Participant of the tenders offered{suggested} during the tenders the ceiling price following on sequence for sold shares admits as the Winner of auction. Calcultions on the cancluded transaction are carried out on conditions similar previous, thus day of the conclusion of the transaction considers day of a recognition of this Participant of the tenders the winner of auction as a result of a cancellation of the transaction. At refusal of this Participant of the tenders of the transaction conclusion, the Stock exchange returns to it only 50 % from the sum of a guarantee payment, and the tenders admit not taken place. The repeated tenders are carried out in terms and in the order stipulated by the present Rules.

13. The guarantee payment does not come back to the Participant of the tenders completely in case of a cancellation of the concluded it during the tenders of the transaction owing to it not payments, and otherwise, the sum of a guarantee payment is set off on account of payment of cost of the got shares and other payments.Not returned guarantee payment is distributed{allocated} between the Stock exchange and the Participant of the tenders representing interests of Authorized body to equal parts.

14. To other Participants of the tenders who were taking part in the tenders, but not concluded the transaction, a guarantee payment comes back after 3 days from the date of tendering, by transfer of its sum to the account of the corresponding Participant of the tenders under its written application.

15. Each Participant of the public tenders can represent interests only one buyer, and the Participant of the tenders representing interests of the Seller cannot represent interests of the Buyer.The tenders admit not taken place if during the tenders it has been sent less than 2 applications for purchase of shares. In case of a recognition of the tenders not taken place, the repeated tenders are carried out in terms and the order stipulated by the present Rules. Terms and the order of the repeated tenders should be given by the state authorized body within 7 calendar days.

16. In case if conditions of the tenders, provide realization of a share holding by lead, the Stock exchange has the right to carry out realization of everyone during separate special trading sessions.

17. The order of tendering by the state package (by lead) shares provides the following:
- The tenders are carried out within the one trading session (one trading day) if other is not stipulated by conditions of the tenders;
- Participants of the tenders can expose applications for purchase only on all package (lead), being object of the tenders if other is not stipulated by conditions of the tenders;
- Reception of applications for purchase is accepted within 1 hour after the beginning of the tenders then the period of reception of applications stops;
- If within last 2 minutes before the termination of the specified period of reception of applications the new application will be exposed, the period of reception of applications is prolonged for 10 minutes, and the same order operates until when within last two minutes before the termination{ending} of the period of reception of applications it will not be exposed any new application or before the termination of trading session, depending on that will take place earlier;
- Upon termination of the period of applications reception, the Participant of the tenders representing Authorized body, enters the market application for sale of a corresponding package (lead) shares (without the indication of the price, that is on the best existing conditions) with an option « only all volume » then on the best price conditions the transaction consists.

18. The application for purchase should be exposed at the price of equal or exceeding the starting price of a package (lead) shares.

19. Tendering by a method of direct applications provides the conclusion of the transaction by input of the order on purchase of securities with the indication of the participant name of the tenders which represents interests of their buyer.

20. In the cases which have been not stipulated by the present Rules, operate norms of Rules of exchange trade of the Stock exchange .