The securities were placed on the AIX exchange
On April 5, the Kazakh construction company ‘’Megastroy LTD’’, part of the BI Group holding, made payments to investors on the first issue of its bonds. Securities totaling 6.1 billion tenge were issued at the Astana International Exchange in March 2021 with a maturity of 12 months. During this period, the buyers of the shares received payments with a coupon reward of 18% per annum.
"Repayment of the principal debt and remuneration was made in accordance with the established deadlines. Everyone who invested in bonds earned fair, market remuneration with us," Almas Lepesbayev, Deputy Chairman of the Management Board for Finance of BI Group Holding, said at a webinar on April 20.
The importance of the placement held last year for the market confirms the interest from investors: the demand for bonds exceeded the supply by one and a half times.
The significant demand for the issued bonds is due to the high level of confidence in the business and the reputation of the BI Group brand in the country and a very competitive yield of 18% per annum, which significantly exceeded the average rate on bank deposits. For comparison: according to the Kazakhstan Deposit Guarantee Fund, in March 2021, the maximum recommended rates for term deposits with replenishment were at the level of 10.3%, and without replenishment – 10.7%.
As ‘’Kursiv’’ wrote earlier, then Megastroy LTD issued another tranche of bonds. And for two bond placements, individuals bought 85% of the securities, the remaining 15% came from institutional investors. To the present moment the company has issued three tranches of its bonds.
Megastroy LTD raised money on the stock exchange for the purpose of further business growth. This company is an active and experienced player in the housing construction market in Kazakhstan, which has been engaged in the construction of metropolitan residential complexes under general contract agreements, including the projects "Vremena goda", "Vivat Promenade", "Ray Residence", "Grand Opera", "Atlant", "Akbulak Riviera" and others.
"The past two years have brought significant challenges and have become a definite test of the strength of the company's business, which has shown that its investments in the development of digitalization, improving the quality and standards of construction and subsequent customer service have paid off with a vengeance. We were able to become market leaders in the possibility of controlling and optimizing the cost of construction, managed to withstand the rise in the cost of building materials and other resources. We have achieved the set parameters for profit and financial indicators and continue the correct, progressive development," says Almas Lepesbayev.Now BI Development, which includes Megastroy LTD, has 160 projects and their queues in operation. Back in 2020, there were 80 of them, and in 2021 - 116.
"This is a high load, but our project teams are ready for this," Almas Lepesbayev emphasizes.
The attraction of funds in the capital market also helped this development, the representative of BI Group added.
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