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Samruk Kazyna commented on its decision to sell 10 percent of KazMunaiGas (KMG), Tengrinews reports. The relevant government decree was published on July 29.
Samruk Kazyna commented on its decision to sell 10 percent of KazMunaiGas (KMG), Tengrinews reports. The relevant government decree was published on July 29.
The government decree said that Samruk Kazyna would transfer 10 percent plus one common share of KazMunaiGas to the National Bank, which translates into 58.4 million common shares. The value of the transaction shall not be less than 750 billion tenge ($4 billion).
According to the Director for Corporate Finance of Samruk Kazyna National Wealth Fund of Kazakhstan Aydar Ryskulov, the transaction was an exchange of KMG shares for Samruk Kazyna bonds held by the National Bank.
"In spite of the sale of shares into the ownership of the National Bank, the company (KMG) remains under the Fund’s control. Samruk Kazyna and the National Bank will create a contract of trust management of the above mentioned shares. According to preliminary discussions, it is planned that under the terms of the contract the National Bank will be entitled as a shareholder to participate in receiving dividends proportionate to its share, while the management of the company's shares will be fully transferred to the fund," Ryskulov said.
Reporting by Roza Yessenkulova, writing by Dinara Urazova
