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Minority shareholders in Kazmunaigas EP reject sale of shares to parent firm
August 3, 2016 / 12:27 PM / a year ago

Minority shareholders in Kazmunaigas EP reject sale of shares to parent firm

ALMATY, Aug 3 (Reuters) - Minority shareholders in Kazmunaigas Exploration and Production (KMG EP) on Wednesday voted against the sale of KMG EP shares to Kazakh national oil company KazMunayGaz (KMG NC), its parent firm, KMG EP said in a statement.

KazMunayGaz offered to buy out minority shareholders of KMG EP in June as part of a move to tighten control over the London-listed subsidiary.

KMG NC 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. (Reporting by Mariya Gordeeva, writing by Denis Pinchuk; Editing by Alexander Winning)

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