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Kazakhstan government obtained 15 % of Kazakhmys PLC shares

Astana. June 10. Kazakhstan Today - The government of Kazakhstan has obtained 15 % of shares of Kazakhmys PLC, the agency reports referring to the government's press service. "Today Kazakhstan government accepted the decree 554 of June 10, 2008 on further measures of development of mining metallurgical industry in the Republic of Kazakhstan, according to which the government has obtained a share of participation in the capital of Kazakhmys PLC," the message informs. According to the press service, acquisition of Kazakhmys PLC share holding will be carried out through exchange: Kazakhstan government will transfer Kazakhmys PLC a part of the state share holding of JSC Company Eurasian Natural Resources Corporation ENRC PLC in exchange for additional share issue of Kazakhmys PLC. Kazakhstan has become a shareholder of both largest Kazakhstan mining companies rated at the London stock exchange. "As a result of this transaction, Kazakhstan government strengthens state influence on mining industry of Kazakhstan and diversifies its investment portfolio, reducing dependence on fluctuations of world prices for some metals and metallurgical products," the message emphasizes. Both companies have successfully invested in London, which have not only allowed increasing the cost of the assets of the companies, but have also drawn wide attention of the international public to investment potential of the Republic of Kazakhstan. According to the decree, quantity of shares and the subject for exchange will be defined proceeding from the ratio of average price of shares of ENRC PLC and the shares of Kazakhmys PLC for a month previous to signing of the decree, calculated by the results of closing tenders at the London stock exchange. As a result of the transaction, Kazakhstan government will keep 11.65 % of ENRC PLC shares and will obtain 15 % of Kazakhmys PLC shares, the press service explained.

Resourse: Kazakhstan Today

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