RECCOMENDATION - Aton considers the fair price of Exploration Production Kazmunaygas JSC (Kazakhstan) $12.8/GDR

/REUTERS, Almaty, September 21, 06, title IRBIS/ - Russian investment company Aton estimated the price of Kazakhstan oil extracting state company Exploration Production Kazmunaygas on the eve of IPO and listing on London and Kazakhstan stock exchanges. Aton considers the fair price of company to the end of 2007 $3.9 bn. or $12.8 per GDR (1/6 of the common share), explaining its estimation by the "low quality of assets, strong dependence of financial results on the price of oil and high taxes". EE Kazmunaygas declared the indicative range $12.75-14.75 per GDR and will determine the final price on September 29. Trades of shares of the company must start on October 4. [2006-09-21]