Kazakh KazMunayGaz Says Plans No New Offer For KMG EP

Reuters

ASTANA, Aug 25 (Reuters) - Kazakh state oil firm KazMunayGaz has no immediate plans to make a new offer to the minority shareholders of its London-listed upstream unit, KazMunayGaz Chief Executive Sauat Mynbayev said on Thursday.

Minority shareholders of KazMunaiGas Exploration and Production (KMG EP) this month rejected KazMunayGaz's proposal to give the parent company more control over its subsidiary and the option to sell their shares to KazMunayGaz.

Asked if KazMunayGaz was preparing another offer, Mynbayev said: "No, why should it be prepared? There are no (other) offers. We have made this offer already and this is it, no (more) offers."

KazMunayGaz has a 58 percent stake in KMG EP.

Minority shareholders, including Chinese sovereign wealth fund China Investment Corporation, and funds overseen by managers such as BlackRock, own 34 percent.

(Reporting by Raushan Nurshayeva; writing by Olzhas Auyezov; editing by Maria Kiselyova and Jason Neely)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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