/KASE, March 2, 11/ - KazMunaiGas Exploration Production (Astana), whose shares
are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE
with the following press-release of March 2, 2011:
quote
The Board of Directors of JSC KazMunaiGas Exploration Production ("KMG EP" or
the "Company") has approved the date and the agenda for the Annual General
Meeting of Shareholders ("AGM"). The AGM will take place on 5 May 2011 in
Astana. The agenda of the AGM includes approval of annual consolidated financial
statements and the Company's Annual Report for 2010, the net income allocation
for the year 2010 and the dividend per ordinary and preferred share of the
Company, evaluation of the work of the Board of Directors of KMG EP in 2010.
The Board of Directors has recommended a dividend payment per one ordinary and
one preferred share of KMG EP for 2010 to be KZT800 (including taxes withheld in
accordance with the legislation of Kazakhstan). The recommended total dividend
for 2010 is about KZT57 billion (approx. US$389 million).
The dividend recommendation made by the Board is the highest amount per share
since IPO in 2006 and implies a 13.6% increase in dividend per share in Tenge
terms compared to the previous year. At the same time the Board considers it
necessary for the Company to maintain a significant amount of financial
resources on its balance sheet to be able to finance future growth projects.
Should the AGM approve the recommended rate, it is expected that the payment
of the annual dividend for 2010 will be made to shareholders of the Company on
record as at May 16, 2011 and will start from June 20, 2011.
The Board has also approved an increase of the Company's capital expenditure
budget for 2011 from KZT99.1 bn Tenge (US$661 million) to KZT106.4 bn (US$709
million). The increase is mainly related to the planned drilling of the first
subsalt well at "Zharkamys East-1" oilfield at LLP "SapaBarlauService" ("SBS")
acquired by KMG EP in September 2010.
unquote
The mentioned press-release is available on KASE website, at:
-
http://www.kase.kz/files/emitters/RDGZ/rdgz_reliz_020311.pdf - in Kazakh
and Russian;
-
http://www.kase.kz/files/emitters/RDGZ/rdgz_reliz_020311_.pdf - in English.
[2011-03-02]