SkyBridge Invest JSC announces final results of Tender Offer on the buyback of common shares KZ1C51460018 (RDGZ) and global depositary receipts US48666V2043 (RDGZd) of KazMunaiGas Exploration Production
25.05.18 17:15
/KASE, May 25, 2018/ – SkyBridge Invest (Almaty), which initiated specialized
trades for the buyback of common shares and global depositary receipts of
KazMunaiGas Exploration Production (Astana) on KASE, has provided Kazakhstan
Stock Exchange (KASE) with the following press release:
quote
SkyBridge Invest, which acted as a corporate broker of KazMunaiGas Exploration
Production on the buyback of common shares and GDRs on KASE, announces successful
completion of the transaction on buyback of common shares KZ1C51460018 (RDGZ) and
global depository receipts (GDRs) US48666V2043 (RDGZd) of KazMunaiGas Exploration
Production.
On 8 December 2017, KMG EP announced the launch of a conditional tender offer to
GDR holders to buyback all of its outstanding GDRs at a price of US$14.00 per GDR
(the "Tender Offer").
On 23 January 2018, KMG EP announced that the Tender Conditions were satisfied
and the Tender Offer was declared unconditional. Also, an unconditional offer
to buyback on KASE all of its Common Shares in issue at a price of US$84.00 per
Common Share payable in tenge was announced on the same day.
Orders were collected from February 2, 2018 to February 16, 2018 and from
February 20, 2018 to April 4, 2018. Holders of GDRs and common shares could have
submitted orders for participation in the Tender Offer over-the-counter and on
the Kazakhstan Stock Exchange (KASE), therefore, GDRs were listed on KASE. For
the convenience of investors and to observe equal rights of the GDR holders, the
possibility of quoting orders in the US dollars while conducting settlement in
the Kazakhstan tenge during the specialized trades was implemented as part of
the buyback of common shares of KazMunaiGas Exploration Production. The final
settlement under the Tender Offer and the Share Offer was effected on 5 April
2018. Settlement on special trades on KASE for GDR holders was effected in US
dollars.
As a result of two iterations on OTC and KASE KMG EP has repurchased a total of:
( 62,003,555 GDRs at a price of US$14.00 per GDR. The total amount of the buyback
is US $868,049,770;
( 336,584 Common Shares at a price of US$84.00 per share. The total amount of the
buyback is US $28,273,056.
As a result, NC KMG and KMG EP together now hold 99.5% of Common Shares in issue.
On May 10, 2018, GDRs and Common Shares were delisted from the London Stock
Exchange and the Kazakhstan Stock Exchange.
Commenting on the deal, the Chairman of the Management Board of SBI, Ms. Sholpan
Ainabayeva said: "The buyback was unique in its structure. The buyback process
included a number of activities that were unprecedented on the Kazakhstan stock
market: the GDR listing on the KASE, introduction of foreign currency settlement
on the KASE, creating conditions for foreign investors, as well as the possibility
of quoting in the foreign currency while conducting settlements in the Kazakhstan
tenge for the buyback of common shares of KazMunaiGas Exploration Production."
KMG EP is among the top three Kazakh oil producers based on the 2017 results.
The overall production in 2017 was 11.9 million tonnes (240 kbopd) of crude oil,
including the Company’s share in Kazgermunai, CCEL and PKI. The Company’s volume
of proved and probable reserves excluding shares in the associates, at the end
of 2016 was 182 million tonnes (1,327 mmbbl).
unquote
[2018-05-25]