Baku, Azerbaijan, August. 3
By Elena Kosolapova – Trend:
Kazakh National oil and gas company KazMunaiGas (KMG) will not increase its control over KazMunaiGas Exploration Production (KMG EP) company, where it owns 65 percent shares.
Increased control was envisaged by amendments to the Relationship Agreement between KMG EP and KMG and Charter of the company, proposed by KMG, but Independent Shareholders of KMG EP voted against them at the Extraordinary General Meeting held on Aug.3, the company reported.
As much as 75.7 percent of KMG EP voted against the proposed amendments.
KMG earlier offered the minority shareholders of KMG EP to sell their shares in the company in the case of alteration of KMG EP’s Charter.
KMG was ready to give $9 per GDR, $54 per common share in tenge equivalent calculated on a daily basis and $31.55 per preferred share in tenge equivalent calculated on a daily basis.
Since KMG EP shareholders voted against the alteration of the company’s Charter, the purchase offer did not enter into force.
KMG EP is among the top three Kazakh oil producers. The overall production in 2015 was 12.4 million tons of oil, including the company’s share in joint ventures.