The stockholders of BMB Munai INC have approved the selling of Emir Oil LL

/IRBIS, June 6, 2011/ - Shareholders of BMB Munai Inc (NYSE Amex: KAZ) approved at the extraordinary meeting of the sale of all its interests in its operating division of Emir Oil LL subsidiary MIE Holdings Corporation (HKEx: 1555) - Palaeontol BV, BMB Munai announced on June 3. As indicated, the transaction was announced on Feb. 14, 2011 and is expected to be completed in the third quarter of 2011, after obtaining the necessary regulatory approvals and fulfillment of certain other customary conditions of closing. As previously reported, if the deal is closed, the company intends to make an initial distribution of cash to shareholders in the approximate range of $1.04 to $ 1.10 per share on revenues from the deal. The median estimate of the initial price range of the distribution ($ 1.07) represents a premium of 19% compared with the average price of ordinary shares in the auction for the previous 30-days period ended on February 13, 2011. The company intends to make a second distribution to shareholders, which may be up to about $ 0.30 per share, subject to availability of funds to be released after transaction costs, the actual costs. [2011-06-06]