Samruk-Kazyna buys 29% of Kazzinc for $1.65 bln
ASTANA. Feb 15 (Interfax) - National Welfare Fund Samruk-Kazyna has purchased a 29% stake in Kazzinc from Verny Capital for $1.65 billion, Samruk-Kazyna told Interfax.
Samruk-Kazyna paid the acquisition with borrowed funds.
On February 7, Samruk-Kazyna announced that it had bought a 29% holding in Kazzinc from Verny Capital.
Last October, Glencore International Plc, a raw commodities trader, purchased a 18.91% stake in Kazzinc from Verny Capital and, thus, increased its holding in Kazzinc to 69.61%. The deal was paid with cash ($400 million) and Glencore's shares.
Initially, Glencore had intended to buy 48.73% of Kazzinc's shares from Verny Capital in exchange for its own 116 million shares and a payment of $2.2 billion. However, the deal was called off and a new agreement was reached for Glencore to buy an 18.91% stake.
Kazzinc is a major integrated zinc producer with considerable copper, precious metals and lead output. The company owns Kazakhstan's largest gold producer Altyntau.
According to unofficial sources, Kazakh businessman and politician Bulat Utemuratov is the beneficiary of Verny Capital.
