Kazakh KazMunaiGaz says plans no new offer for KMG EP

Kazakh KazMunaiGaz says plans no new offer for KMG EPAug 25 Kazakh state oil firm KazMunaiGaz has no immediate plans to make a new offer to the minority shareholders of its London-listed upstream unit, KazMunaiGaz Chief Executive Sauat Mynbayev said on Thursday.

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

Asked if KazMunaiGaz 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.”

KazMunaiGaz 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.