Kaz Minerals (LSE:KAZ)
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Kazakhmys PLC (KAZ.LN), an international natural resources group listed in the U.K. and Kazakhstan, said Thursday it has increased the size of the stake to be sold in its Ekibastuz GRES-1 power plant to 50%, from 25% and the consideration will therefore increase to $681 million, from $339 million.

MAIN FACTS:

-On Oct. 13, Kazakhmys announced the sale of 25% of Ekibastuz to Samruk-Kazyna.

-The consideration of $681 million will be payable in cash and will primarily be used by Kazakhmys to repay debt.

-The transaction is subject to certain regulatory consents and approvals.

-As part of the negotiations with Samruk-Kazyna, it was agreed that Kazakhmys would receive the proceeds from the transaction by the year end, in advance of completion.

-Transfer of title, however, will not happen until all regulatory consents and approvals have been obtained.

-Kazakhmys and Samruk-Kazyna will create a joint supervisory board following the transaction.

-Management positions will alternate between Kazakhmys and Samruk-Kazyna every five years.

-In the first five years following the transaction, Kazakhmys will appoint the management team whilst Samruk-Kazyna will appoint several key oversight positions.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com