CIC buys stake in Kazakhstan oil, gas company

0 CommentsPrint E-mail Xinhua, September 30, 2009
Adjust font size:

The China Investment Corporation (CIC), the country's sovereign wealth fund, Wednesday announced it had paid 939 million U.S. dollars for a stake in Kazakhstan oil and gas company JSC KazMunaiGas Exploration Production (KMG EP).

CIC had purchased about 11 percent of the Global Depository Receipts (GDRs) of the KMG EP through CIC's wholly-owned subsidiary, the Fullbloom Investment Corp., said a statement on the CIC website.

GDRs are negotiable certificates issued by depositary banks that represent ownership of a given number of a company's shares. GDRs can be listed and traded independently.

KMG EP stocks are listed on the Kazakhstan Stock Exchange and its GDRs are traded on the London Stock Exchange.

KMG EP's GDRs rose 9.95 percent to 22.1 U.S. dollars on Wednesday morning's trade in London.

PrintE-mail Bookmark and Share

Comments

No comments.

Add your comments...

  • Your Name Required
  • Your Comment
  • Comments are moderated and generally will be posted if they are on-topic and not abusive.
Send your storiesGet more from China.org.cnMobileRSSNewsletter