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China sovereign fund buys stake in Kazakhstan oil firm

(Xinhua)
Updated: 2009-09-30 19:50

BEIJING: The China Investment Corporation (CIC), the country's sovereign wealth fund, Wednesday announced it had paid $939 million for a stake in Kazakhstan oil and gas company JSC KazMunaiGas Exploration Production (KMG EP).

CIC had purchased about 11 percent of the Global Depository Receipts (GDRs) of the KMG EP through CIC's wholly-owned subsidiary, the Fullbloom Investment Corp., said a statement on the CIC website.

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GDRs are negotiable certificates issued by depositary banks that represent ownership of a given number of a company's shares. GDRs can be listed and traded independently.

KMG EP stocks are listed on the Kazakhstan Stock Exchange and its GDRs are traded on the London Stock Exchange.

KMG EP's GDRs rose 9.95 percent to $22.1 on Wednesday morning's trade in London.