Kazakhmys completes split into public, private companies
ASTANA. Oct 31 (Interfax) - Kazakhstan's Kazakhmys has completed a restructuring that saw the group split into public and private companies, the company said in press release.
"Following completion, the Company retains mining and processing assets in the East Region of Kazakhstan and the Bozymchak mine in Kyrgyzstan, as well as the major growth projects Bozshakol, Aktogay and Koksay," the press release says.
The Company's subsidiaries owning mature assets in the Zhezkazgan and Central Regions of Kazakhstan have been transferred to Cuprum Holding, it says.
The public company has been renamed KAZ Minerals PLC effective from the date of registration, October 31, 2014.
The assets transferred to Cuprum Holding will continue to operate under the trading name Kazakhmys.
"As described in the circular to shareholders dated July 23, 2014, Eduard Ogay is stepping down from the Board with immediate effect in order to take up his position as chief executive officer of Cuprum Holding and will no longer be a Director of the Company or employee of the Group," it says.
Andrew Southam, Chief Financial Officer, will join the Board as an executive Director of KAZ Minerals PLC with effect from November 1, 2014.
Oleg Novachuk will remain the chief executive of the public company.
