Kazakh Samruk-Energo buys shares in metallurgical corp.
Kazakhstan's Metallurgical Corporation Kazakhmys has entered
into an agreement to sell the group's remaining 50 percent interest
in Ekibastuz LLP and 100 percent of the issued share capital of
Kazhydro to Kazakh Samruk-Energo.
The company reported that based on the terms of the transaction,
Kazakhmys will receive net proceeds of approximately $1.249 billion
in cash, which will substantially strengthen the Group's financial
position during the development phase of the group's major copper
growth projects, Bozshakol and Aktogay.
The Board believes that the transaction provides the group with an
opportunity to realize an attractive return on its investments in
Ekibastuz and Kazhydro, and is in line with the group's previously
announced strategy of focusing on its core copper business.
The transaction will be conditional upon, inter alia, the approval
of a majority of independent shareholders and on the approval of
the relevant governmental authorities in Kazakhstan.
The principal asset in the transaction is Ekibastuz GRES-1, which
is the largest power station in Kazakhstan. The power station
currently has a capacity of 3,000 MW. It is expected to generate
13,000 GWh of net power in 2013. Currently Ekibastuz LLP is owned
equally by Kazakhmys and Samruk-Energo.
Kazakhmys is a leading international natural resources group with
significant interests in copper, gold, zinc, silver and power
generation. It is the largest copper producer in Kazakhstan and one
of the top worldwide with 16 operating mines, 10 concentrators and
two copper smelters.
Samruk-Energo is a wholly-owned by Kazakh Government through
Samruk-Kazyna Sovereign Wealth Fund.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!