/KASE, May 29, 08/ - KazMunaiGas Exploration Production JSC (Astana),
shares of which are traded in the Kazakhstan Stock Exchange (KASE) category
"A" official list, disseminated the press release, which informs on the
following.
Quotation start
Аstana, May 29, 2008. JSC KazMunaiGas EP (KMG EP, the Company)
announces that all resolutions proposed at the annual general meeting held
yesterday in Astana were passed by the shareholders.
The shareholders approved the annual Financial Statements and annual Report
for 2007 and decided on the dividend amount per one share (both ordinary and
preference) to be KZT563. According to the recommendation of the Board of
Directors, this dividend is comprised of an ordinary annual dividend
representing 15% of net profit and a special dividend which will allow the
Company to distribute among its shareholders a portion of the first dividend
payment from Kazgermunai, 50% of which was acquired by the Company in April
2007. The total 2007 dividends payment will be about KZT41.7 bn. (approximately
USD$346m). The dividend payment for 2007 will be made to the shareholders as per
share register at 24:00 on June 9, 2008 and will commence on July 28, 2008.
At the request of NC KMG, the major shareholder of the Company, the item on
the composition of the Board has been withdrawn from the agenda.
Further details of the proposals and resolutions adopted at the AGM are
described in the shareholders' circular and will be available on the Company's
website.
On the same day, May 28, 2008 a meeting of the Board of Directors also took
place.
The Board of Directors approved the list of Key Performance Indicators for
evaluating KMG EP senior management performance, revised Employee
remuneration policy, and Corporate Financial Audit, Treasury and Risk
Management policies. The Board of Directors also approved participation in a
feasibility study on construction of the first integrated petrochemical complex
in Atyrau region. The Company's participation in the feasibility study is
expected to the amount of US$40m (KZT4.8bn.).
On completion of the feasibility study the Company will consider participation
in the actual project in July 2009.
The Board of Directors decided to call the special shareholders general meeting
on July 18, 2008. At this meeting shareholders will consider issues related to
appointment of auditors for the year 2008 and introducing amendments to the
Company's Charter. The changes further clarify the scope of authority of the
Board with regard to approval of certain Company policies.
The Board of Directors considered other organization and informational issues.
Quotation end
The full version of KazMunaiGas Exploration Production JSC press release is
available on the KASE website at:
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http://www.kase.kz/emitters/scan/rdgz/rdgz_osa_290508k.pdf - in Kazakh;
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http://www.kase.kz/emitters/scan/rdgz/rdgz_osa_290508.pdf - in Russian;
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http://www.kase.kz/emitters/scan/rdgz/rdgz_osa_290508e.pdf - in English.
[2008-05-29]