Kazakhstan - 04

Kazakhstan: KMG’s Aggressive Buy-Back Plans for KMG EP

KMG CEO Sauat Mynbayev recently publicly commented on the company’s decision to pursue a buy-back of minority shareholders’ shares in KMG EP as suggested by a KMG executive meeting on 17 June. KMG has a 63% stake in KMG EP, including 57.9% under its direct control. However, KMG EP has been listed on the London Stock Exchange since 2006 and has three independent non-executive directors and one independent consultant on its board, all of whom are Western oil professionals. These directors made their opposition to the proposal known, calling the price offer unfair and detrimental to minority shareholders’ interests.


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