CNPC-AktobeMunaiGas to acquire a controlling stake in KMK Munai

JSC CNPC-AktobeMunaiGas is going to buy 50% plus one share in JSC KMK Munai, Kazakhstan Stock Exchange (KASE) says in a statement referring to a letter from KMK Munai.

“CNPC-AktobeMunayGas has notified KMK Munai of its intent to acquire 652,282 voting shares of KMK Munai, or 50% plus one share of all KMK Munai’s voting shares. The expected purchase price is 26,356.59 tenge (150.27/$1) per share,” the statement says.

The major shareholder of KMK Munai is Panama’s YUKON ENERGY HOLDING S.A. (86.97%). KMK Munai has 1.5 million shares, all of them are placed.

KMK Munai is engaged in hydrocarbon exploration, production and sales. The company operates the oil fields Kokzhide, Kumsai and Mortuk in the Aktobe Region (west Kazakhstan).

CNPC-AktobeMunayGas is the largest oil company in Aktobe region (west Kazakhstan) engaged in development of Zhanazhol, Kenkiyak oversalt and Kenkiyak subsalt fields.

As a result of Kazakh-Chinese agreements reached in 1997 CNPC became an owner of a 60.2% stake in OJSC AktobeMunaiGas which was later re-organized into JV CNPC-AktobeMunaiGas. In late May 2003 Kazakhstan sold its holding in this company (25.12%) to CNCP (25.12%).

Interfax-Kazakhstan