Kazakhstan news for August 24, 2010

In this issue:

2 Corporate news
2 KMG EP first-half income falls 22% on forex
2 Alhambra Closes US$4.6 Million First Tranche of US$6.0 Million Equity Financing
2 ATF reports losses in January - July
2 Upcoming events
3 Industry news
3 KazMunaiGaz Said to Plan Joint Exploration Venture With BG in North Sea
3 ENRC buys an African asset, which is exposed to international arbitration
4 Politics and Economics
4 Sector NPLs decline marginally in July while overdue amounts surge
4 Volume of total agricultural production in January - July, 2010 increased by 1.3 %
5 KASE & Market wrap
6 AFS-Research productline
7 AFS Research services

ENRC buys an African asset, which is exposed to international arbitration

ENRC announced on Friday, 20 August, that its wholly owned subsidiary ENRC Congo BV, has privately purchased 50.5% of the outstanding common shares of Camrose Resources Limited (Camrose). The consideration for the Acquisition is US$175m. ENRC has paid US$50m in cash and issued promissory notes totalling US$125m which mature between 9 and 24 months from now. As part of the transaction, ENRC will provide Camrose with a US$400m shareholder loan facility.

 

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