Kazakh company announces results of trade of its shares on Kazakhstan Stock Exchange
Kazakhstan, Astana, Dec. 21 / Trend K. Konyrova/
KazMunaiGas Exploration Production "KMG EP" announced that a closing specialized trade for the repurchase of the Company's preferred shares was held on Kazakhstan's Stock Exchange (KASE) from 21 November 2011 till 20 December 2011.
At the end of this specialized trade the Company accepted applications for the sale of 160 473 preferred shares at the price of 13 056.57 Tenge per share. The aggregate purchase amount was 2 095 226 957.61 Tenge. This specialized trade will be settled on 23 December 2011. The Company has repurchased 2 073 276 preferred shares for an aggregate price of 37_135_715_544.31 Tenge under its buyback programme.
As previously informed, the Company approved its preferred shares buy back program to be implemented through consequent separate thirty-day specialized trades on KASE in compliance with the exchange rules. This specialized trade was the closing one in frames of the current programme. The majority of preferred shares are currently distributed among less than 20,000 individual shareholders, including present and former employees of KMG EP and their families.
Any preferred shareholder who wishes to sell their shares must place them on account with the Central Securities Depository on or before the time at which such shareholder makes an offer to sell the shares.
Holders of preferred shares must provide limited counter orders to sell their preferred shares. Limited counter orders must indicate a share price at which the shareholder wishes to sell their shares. This price must be denominated in tenge up to two decimal places. The amount of financial instruments specified in the order should be equal to the number of preferred shares that the shareholder wishes to sell. The order volume must be equal to the product of the amount of shares to be sold multiplied by the specified share price.
Limited orders will be accepted at the cut-off price set by the Company at the end of the specialised trade in compliance with applicable laws, regulations and Company's policies. Limited orders that specify a price equal or less than this cut-off price will be accepted and executed. Limited orders that specify a price greater than the cut-off price will not be accepted by the Company.
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2010 was 13.3mt (an average of 270kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL, PKI and NBK. The total volume of proved and probable reserves, as at the end of 2010 was 232mt (1.7bn bbl), including shares in the associates - about 2.2 bn barrels. The Company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006. The International rating agency Standard & Poor's (S&P) confirmed KMG EP's "BBB-" corporate credit rating in December 2011 and "GAMMA-6" rating in September 2011.
On Dec. 21 the official rate was 148,27 tenge per $1