Kazakhstan buys 29 pct of Glencore-controlled Kazzinc

Feb 7. Reuters

Kazakhstan buys 29 pct of Glencore-controlled KazzincKazakhstan’s sovereign wealth fund, Samruk-Kazyna, has acquired a 29 percent stake in Glencore-controlled zinc producer Kazzinc, the fund’s deputy head said on Thursday, without disclosing the price.

“The Kazzinc deal is closed, and today we own 29 percent in this enterprise,” Kuandyk Bishimbayev told reporters. “These were borrowed funds,” he added without giving further detail.

He said the shares had been bought from Kazakh company Verny Capital.

Glencore, which owns 69.61 percent in Kazzinc, had earlier said it intended to boost its stake in the company to 93 percent for a total of $3.2 billion, including $2.2 billion in cash and $1 billion in equity.