Exploration Production KazMunayGas gained $2 bn. during IPO

/REUTERS, Almaty, September 29, 06, title IRBIS/ - Exploration Production KazMunayGas the extracting daughter of Kazakhstan sate company Kazmunaygas stated the price of GDR offering at the rate of $14.64 which let it to gain about $2.0 bn. during the IPO on the London and Kazakhstan stock exchanges, is said in the message of company. The price corresponds the upper limit of the range announced by the company $12.75 - 14.75 per GDR. So capitalization of the company will total $6.2 bn. One GDR will represent one-sixth part of the common share. The main shareholder of the company Kazmunaygas will also offer for selling for stabilization of market 3.5 m. of common shares, purchased by it recently at the price KZT250 per share, which corresponds about $0.33n per GDR. Managers: IPO - ABN AMRO Rothschild and Credit Suisse, and also Merrill Lynch и Visor Capital. Trades in GDR will start on October 4 at the same time with trades in shares on Kazakhstan stock exchange. On LSE securities will be appropriated by KMG symbol. EE KazMunayGas had informed earlier that its income for the first five months of 2006 totaled about $326 m. increased more then twice in comparison with the similar period of the last. For the whole year 2005 the income totaled about $355 m. Company promised to pay dividends in size of 15% from income after tax. Russian investment company Aton called the price $12.8 per GDR the fair price by EE KazMunayGas to the end of 2007, explaining its estimation by the "low quantity of assets, strong dependence of financial results from price of oil and high taxes". EE KazMunayGas by its turn names as its strong sides the right of primary access to oil-gas holdings, which are displayed for selling in Kazakhstan and new blocks, situated on the land, and also to transport infrastructure. [2006-09-29]