KazMunaiGas Exploration Production notes the recent movement in the price of the Company’s listed securities and confirms that Independent Directors of KMG EP received a highly preliminary approach from National Company KazMunaiGas NC (“NC KMG”), its majority shareholder, about a possible offer for the ordinary shares in KMG EP it does not already own.
The approach from NC KMG is at an early stage and there can be no certainty that an offer will be made. The Independent Non-Executive Directors of the Company are in the process of appointing advisors and will consider any proposal from NC KMG in due course. In the meantime shareholders are urged to take no action.
Any offer for KMG EP would not be subject to the UK City Code on Takeovers and Mergers.
KMG EP will make a further announcement at such time as is appropriate or it is required to do so.