KMG EP completes preferred share buyback programme
KazMunaiGas Exploration & Production (“Company” or “KMG EP”) announces the results of the programme for buyback of preferred shares of KMG EP.
Since 1 January 2019 the Integrated Securities Registrar has merged into a stock corporation Central Securities Depository. As a result of the integration of business processes and the transition to the new software, between January 3 to January 18, because of technical reasons, the Central Securities Depository could not accept or process those orders that had been accepted by the transfer agent of KazPost.
In order to fully meet clients’ requests accepted by the broker during the buyback program (until 30 January 2019), on 12 February 2019 the Board of Directors of KMG EP decided to have an additional special trading on 22 February 2019 at the Kazakhstan Stock Exchange for final settlements with shareholders who have submitted requests for the sale of their shares through the broker of Kazpost by close of business of 30 January 2019, as well as requests from other brokers as per which no settlement had been made by 31 January 2019.
Therefore, for the period of the programme, the Company repurchased 1,239,087 preference shares for a total of 15,860,313,600 tenge.
It is worth reminding that on 10 August 2018, the Board of Directors of KMG EP approved the programme for repurchase of preferred shares of KMG EP at a fixed price of KZT 12,800 per share from 13 August through 16 November 2018 at the Kazakhstan Stock Exchange using the special trading method twice a month during the specified repurchase period. The Board of Directors of KMG EP resolved on 12 November 2018 to extend the period for the repurchase of preferred shares of KMG EP until 31 January 2019.