/KASE, August 13, 2018/ – KazMunaiGas Exploration Production (Аstana), whose shares
are officially listed on Kazakhstan Stock Exchange (KASE), has provided the KASE
with press release, which states as follows:
quote
The Board of Directors of KMG EP has approved a program for the purchase of
preferred shares of the Company.
The Company intends to implement the program of redeeming preferred shares
on Kazakhstan Stock Exchange (KASE) in the amount of up to 1,905,209 shares
(up to 100% of the total number of placed preferred shares of the Company in
free float) at the price of 12,800 (twelve thousand eight hundred) tenge for one
preferred share, which is 24.4% of the weighted average for 30 days of the price
of preferred shares as of August 10, 2018 equal to KZT10,292 (ten thousand two
hundred ninety-two) for one privileged share. The preferred shares will be
purchased during the period from August 13 to November 16, 2018.
The decision to redeem the Company's preferred shares was made with a view
to securing the interests of minority shareholders and giving them the
opportunity to sell their shares because of the Company's future plans. In
particular, this decision is conditioned by the plans of National Company
KazMunaiGas (hereinafter referred to as NC KMG) on the transition to a two-tier
asset management system, according to which NC KMG directly manages production
and oilfield service companies. in the future, the Company's activities as an
independent economic entity, which was also preceded by the majority of holders
of global depositary receipts (hereinafter referred to as "GP") and the common
shares of the Company's offer to buy back ordinary shares and GDRs of the
Company, as a result of which NC KMG currently owns 95.4% of the Company's
outstanding shares.
unquote
Full version of the press release is posted on the KASE website (in Russian)–
http://kase.kz/files/emitters/RDGZ/rdgz_reliz_130818_1.pdf
[2018-08-13]