Kazakhstan, Astana, Feb.7 / Trend, D. Mukhtarov /
"Samruk-Kazyna" Sovereign Wealth Fund has closed a deal to acquire 29 percent of shares of "Kazzinc" JSC, Deputy Chairman of the Fund Kuandyk Bishimbayev said at a briefing in Astana on Thursday.
He did not name the size of the deal. However, he said, it originated in borrowed funds.
Earlier Bloomberg reported that "Samruk-Kazyna" is considering purchasing shares in "Kazzinc" metallurgical company because the main shareholder of the JSC - the Swiss company Glencore International AG - decreased the acquisition of the shares planned for this year by half.
Kazzinc is a major fully integrated zinc producer with considerable copper, precious metals and lead credits. The company's core operations are in Kazakhstan, most are in East-Kazakhstan Region. The company was established in 1997 through the merger of Eastern Kazakhstan's three main non-ferrous metal companies - "Ust-Kamenogorsk Lead and Zinc Combinate", "Leninogorsk Polymetallic Combinate" and "Zyryanovsk Lead Combinate". All three producers were majority-owned by the Government of Kazakhstan. The controlling block of shares in Kazzinc has been sold to the private sector and Glencore International AG became the company's main investor.