Sovereign Wealth Fund Samruk-Kazyna Company Update (7114S)
17 11월 2021 - 11:51PM
UK Regulatory
TIDM84ZP
RNS Number : 7114S
Sovereign Wealth Fund Samruk-Kazyna
17 November 2021
"Sovereign Wealth Fund "Samruk-Kazyna" JSC
17 November 2021
KAZMUNAYGAS TRANSFERRED A 100% KAZTRANSGAS SHARE
On 9 November, KazMunayGas National Company (KMG) announced the
transfer of 100% KazTransGas (KTG) share in favour of Samruk-Kazyna
(the Fund). The transaction amount is 1 tenge.
9 November is also the day of termination of the trust
management agreement concluded on 11 March 2021 between KMG and the
Fund.
KTG's shares were transferred to the Fund in pursuance of the
instructions from the Samruk-Kazyna Management Council chaired by
the First President of the Republic of Kazakhstan, Elbasy N.
Nazarbayev, dated 3 June 2020, as well as the instructions from the
executive head of the nation K. Tokayev about foundation of a gas
exploration, production and transportation national operator, given
at an extended Government meeting on 26 January 2021.
It should be noted that the transaction was preceded by
fulfilment of a number of legal and financial conditions, including
approvals from KMG lenders and relevant government agencies. At the
first stage, in October 2020, KMG refinanced Eurobonds in the
amount of $750 mln, and the new conditions included the possibility
of KTG withdrawal. During the next stage, in June 2021, the
remaining holders of KMG Eurobonds gave consent for KTG
spin-off.
In addition, the transaction was agreed with KMG's creditor
banks, including through refinancing of some loans. One of the
process stages was also the adoption of the RK Government
Resolution "On Strategic Object Transfer" dated 8 November 2021.
Based on the Resolution, KMG was approved to transfer 100% of KTG
stake in favour of the Fund through the sale and purchase
transaction.
At present, all KMG lenders have approved the KTG spin-off into
a separate subsidiary of the Fund.
At the same time, KMG's Consolidated Financial Statements for
Nine Months of 2021 will include KTG's financial statements.
Starting from 9 November, KMG will derecognise KTG, and the result
of KTG transfer will be recorded as "other distributions to
shareholder" in the consolidated statement of changes in equity for
2021.
Note that KMG's debt as a result of the KTG spin-off will
decrease by $1.1 bln (by $1.6 bln with issued guarantees).
KMG intends to further promote modernisation and diversification
of Kazakhstan gas industry, therefore, the cooperation with KTG in
this area will remain a priority for the national company.
As a reminder, KTG has been part of KMG since the establishment
of the national company in 2002. During this time, KMG has invested
about 143 bln tenge into KTG's capital in cash and assets. KTG
assets have multiplied by more than 20 times from 125 bln tenge to
2.5 trn tenge, the capital increased from 61 bln tenge to 1.6 trn
tenge, the revenue increased from 85 bln tenge to 900 bln tenge per
year. Since the KTG foundation, more than 10 ths. km of trunk gas
pipelines have been built and put into operation in Kazakhstan.
Today, KTG operates more than 20 ths. km of gas pipelines and more
than 56 ths. km of gas distribution networks.
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END
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November 17, 2021 09:51 ET (14:51 GMT)
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