▲ Up
 
05:07 05-05-2016
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanMongoliaWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Max Petroleum sells 51% stake to Assaubayev family

Bishkek (AKIpress) - Max Petroleum Oil and gas company Max Petroleum Plc, which started a strategic review of its operations last week, said it had sold a 51 percent stake in the company and raised 37.1 million pounds ($62.4 million), reports Reuters.

Shares in the Kazakhstan-focused company rose as much as 32 percent in trade and were the top percentage gainers on the London Stock Exchange on Monday morning.

The strategic review will remain ongoing and Max is still open to a sale of the company, it said in a statement.

Max Petroleum said AGR Energy, an investment vehicle of the Assaubayev family, had acquired 2.26 billion new shares in the company at 1.64 pence per share, a 33.9 percent premium to the stock's Friday close.

The strategic review followed a tumultuous few months when Max slashed its full-year production target, implemented cost cuts and saw large shareholders, UBS Investment Bank and Henderson Global Investors, drastically reducing their stake in the company.

The London-listed company said it would appoint two nominees of AGR Energy, Aidar Assaubayev and Kanat Assaubayev, to its board by the end of this year.

Shares in Max Petroleum were trading up 20.8 percent at 1.49 pence at 0856 GMT.


Twitterfacebookprint
09:21 06.08.2014
LATEST NEWS
17:30 Panama Papers: Azerbaijan ruling family sought gold interests in Kyrgyzstan17:23 External debt of Kyrgyzstan might make 70% of GDP, IMF supposes17:13 Growth rate of Kyrgyzstan's economy downing to 3% due to unfavorable external conditions – IMF16:58 Kadamjai students win two medals at Environmental Protection Olympiad in Kenya16:46 Kuwaiti Minister of Emir's Divan Affairs to attend opening of 2nd World Nomad Games15:50 Kyrgyz journalists partake in quiz night marking World Press Freedom Day15:30 Consumption market increases by 17% in Kazakhstan15:26 Gani Sadibekov becomes Kazakhstan Vice Minister of Energy15:02 HRW urges Tajikistan free human rights lawyers, respect independence of legal profession14:56 Tajik Ambassador, Education Minister of Armenia consider bilateral ties14:47 Uzbekistan Airways transports 535,600 passengers in Q1 201614:41 Taliban reportedly attacks border post with Uzbekistan14:33 Turkmenistan appoints its board member of International Fund for Saving the Aral Sea14:28 Turkmenistan addresses best practices in regulating online media and broadcasting14:22 World Bank suggests Mongolia spending controls to contain rising deficit14:12 People to flood back into Mongolia for exploration, no one questioning geology and prospectivity: Investor12:11 Massive protests against PM Abe mark Japan's Constitution Memorial Day12:03 U.S. diplomat's same-sex marriage causes stir in China11:57 USD stands at 68.80 som in Bishkek on May 411:51 Over 70 thousand people live in extreme poverty in Kyrgyzstan
Astana
+12° C
Ashgabat
+27° C
Bishkek
+20° C
Dushanbe
+19° C
Tashkent
+23° C
Ulaanbaatar
+3° C
exchange rates
 
78.21
68.26
10.55
1.06
381.52
329.21
50.83
5.03
6.85
6.26
1.01
0.12
3286.53
2888.39
446.81
42.81
4.06
3.50
0.54
0.05

© AKIpress News Agency - 2001-2016. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to www.akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75