1st Apr 2009 07:41
PRESS- RELEASE
JSC KazMunaiGas Exploration Production
Board of Directors recommends a Dividend for the year 2008
and calls the Annual General Meeting
Astana, 1 April 2009. The Board of Directors ("BoD") of JSC KazMunaiGas Exploration Production ("KMG EP" or the "Company") approved the date and the agenda for the Annual General Meeting ("AGM"). The AGM will take place on 28 May 2009 in Astana.
The agenda for the AGM includes the approval of the Company's 2008 Annual Report and consolidated financial statements, approved by the BoD on 31 March 2009. The agenda also includes the approval of the amount and the procedure for the dividend payment. The AGM will review communications with shareholders; activities of the BoD and the Management Board of the Company in 2008; the remuneration of the BoD and the Management Board for 2008 as well as the appointment of the Company's auditors.
The Board of Directors recommended a dividend rate per ordinary share and preferred share for the fiscal year 2008. Should the AGM approve the recommended rate, it will amount to 656 tenge per share (approximately US$0,73 per GDR1). The Board's recommendation is based on the KMG EP's stated policy of paying out 15% of net income, but also includes a further 5% of net income as a Special Dividend to reflect the exceptionally strong financial performance in 2008 and a significant amount of cash accumulated by the Company. Given the more challenging market conditions in 2009, the targeted dividend rate for the year 2009 remains 15%.
Assuming the dividend rate of 656 tenge per share, the total amount of the dividend for 2008 will be approximately 48 bn tenge (about US$ 321 million1). It is expected that the dividends for the fiscal year 2008 will be paid to the shareholders on record as at June 8, 2009, and that dividend payments will start on July 13, 2009.
The BoD also reviewed the buy back programme and approved its continued implementation.
NOTES TO EDITORS
KMG EP is the second largest oil producer in Kazakhstan with over 11.95 mmt (240 kbopd) of crude oil production in 2008. There was 241 mmt (1.8bn bbl) of proved and probable reserves at the end of 2008 (over 2 bn bbl including interests in Kazgermunai and CCEL at the end of 2007). In 2007 KMG EP acquired 50% interests in JSC Kazgermunai and holding company CCEL (owns Karazhanbasmunai). The Company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on the London Stock Exchange. The Company raised over US$2bn as a result of its IPO in September of 2006. International rating agency Standard & Poor's (S&P) increased the Corporate Governance Score of KMG EP from CGS 5+ to CGS 6 and confirmed its «BB+» corporate credit rating in November 2008.
For further details please contact us at:
«KMG EP». Public Relations (+7 7172 97 7600)
Michael Dorofeyev
E-mail: [email protected]
«KMG EP». Investor Relations (+7 7172 97 5433)
Asel Kaliyeva
E-mail: [email protected]
Pelham PR (+44 20 7337 1517)
Elena Dobson
E-mail: [email protected]
Forward-looking statements
This document includes statements that are. or may be deemed to be. ''forward-looking statements''. These forward-looking statements can be identified by the use of forward-looking terminology. including. but not limited to. the terms ''believes''. ''estimates''. ''anticipates''. ''expects''. ''intends''. ''may''. ''target''. ''will''. or ''should'' or. in each case. their negative or other variations or comparable terminology. or by discussions of strategy. plans.
objectives. goals. future events or intentions. These forward-looking statements include all matters that are not historical facts. They include. but are not limited to. statements regarding the Company's intentions. beliefs and statements of current expectations concerning. amongst other things. the Company's results of operations. financial condition. liquidity. prospects. growth. potential acquisitions. strategies and as to the industries in which the Company operates. By their nature. forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Forward-looking statements are not guarantees of future performance and the actual results of the Company's operations. financial condition and liquidity and the development of the country and the industries in which the Company operates may differ materially from those described in. or suggested by. the forward-looking statements contained in this document. The Company does not intend. and does not assume any obligation. to update or revise any forward-looking statements or industry information set out in this document. whether as a result of new information. future events or otherwise. The Company does not make any representation. warranty or prediction that the results anticipated by such forward-looking statements will be achieved.
1 Using convenience translation at the exchange rate of 150 KZT/US$
Related Shares:
Kazmunaigaz Exploration