OREANDA-NEWS. March 01, 2010. KazMunayGas Exploration and Production (Astana), common shares of which are listing Kazakhstan Stock Exchange (KASE), provided KASE with a press release, reported the press-centre of KASE:

KazMunaiGas Exploration Production (the "Company") announces that a preferred shares buyback program has been approved by the Company's Board of Directors.

Following the listing on the Kazakhstan Stock Exchange ("KASE"), the Company intends to buy back up to 4,136,107 shares (i.e. up to 100 per cent of the total number of the issued preferred shares of the Company) for up to 10 per cent of the Company's equity capital as at the date of the Board decision, minus the costs of the Company's ordinary share and global depository receipt buyback program.

The Company will carry out the preferred shares buyback program on KASE. It is anticipated that the share buyback will be carried out through a sequence of separate 30-day specialized trades in accordance with KASE requirements.  It is expected that the buyback program will be completed on or before 31 December 2011.

A further announcement will be made following the admission of the preferred shares of the Company to circulation on KASE. The Company will also make announcements before each specialized trade, as well as announcements after each specialized trade informing of the terms and results of such trade.

The listing and the buyback program is intended to allow shareholders greater transparency and liquidity. The majority of preferred shares are currently distributed among more than 30 000 individual shareholders, including present and former employees of KMG EP and their families.