Kazakhstan’s KazMunaiGas to have new shareholder

The National Bank of the Republic of Kazakhstan will become one of the shareholders of the country's KazMunaiGas national oil and gas company.

The country's Samruk-Kazyna National Welfare Fund which owns 100-percent share of the company will sell 10 percent block of shares and one common stock of KazMunaiGas to the National Bank at the price determined by an independent appraiser.

However, the price won't be below 750 billion Kazakh tenge (187.45 tenge = $1).

The corresponding decree was signed by Kazakhstan's government dated July 23 and entered into force from the date of signing.

A total of 58,420,748 common stocks of KazMunaiGas will be sold.

KazMunaiGas JSC is Kazakhstan's national operator for exploration, production, processing and transportation of hydrocarbons.

Source: trend