Kazakh Samruk-Kazyna pays $1.65 billion for stake in Kazzinc
Azerbaijan, Baku, Feb. 15 / Trend E. Kosolapova/
Kazakh National Wealth Fund Samruk-Kazyna paid $1.65 billion for 29 percent stake in metallurgical corporation Kazzinc, Novosti-Kazakhstan reported with the reference to the Fund.
Earlier Deputy Chairman of Samruk-Kazyna Kuandyk Bishimbayev said the Fund closed a deal to acquire 29 percent of shares of Kazzinc. He said the Fund paid for the stake with borrowed funds but did no specify the deal size.
The stake was acquired from Verny capital company.
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.