Kazakhstan Chamber of Commerce in the USA

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Max Petroleum sells 51 percent stake to Kazakhstan Assaubayev family

Posted on August 26, 2014 by KazCham

Business Intelligence from Colibri Law Firm: Issue #92

UK-based Max Petroleum sold a 51 percent stake to AGR Energy, an investment vehicle owned by the Assaubayev family. The deal is worth approximately US$62.5 million (?37.1 million), the company said Monday

Max is an independent oil and gas exploration and production company focused on Kazakhstan.

AGR paid 1.64 per share, a 33 percent premium compared to closing market price on August 1.

The size of the purchase would usually trigger Rule 9 of the UK’s takeover code, requiring AGR to make a general offer to acquire the shares held by other shareholders.

Max will asks its shareholders to waive Rule 9 with a resolution at the next stockholder meeting, the company said.

The deal must also be approved by regulators in Kazakhstan. If the purchase is approved, AGR will nominate two directors to the company’s board.

The partnership will support Max’s development of its post-salt fields and its plans to resume exploration of pre-salt prospects on its block A and E licenses in western Kazakhstan.

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