Tuesday, 5 August 2014
Caspian Region: Assaubayev family acquisition sees Max Petroleum shares soar
Max Petroleum’s shares have soared in value since the 4 August announcement that the influential Assaubayev family is taking a majority stake in the company. It is hoped that the placing will raise £37 million and enable the continued development of the Sagiz West field.
AGR Holdings, an Assaubayev held company, is investing £37 million of new funds via a share subscription, which will give it a 51% majority ownership of Max Petroleum. The new shares are priced at 1.64p each, a 37% premium to Friday’s closing price, and it has been reported that Aidar Assaubayev and Kanat Assaubayev will join the Max Petroleum board.
For an in-depth analysis of this issue, its ramifications for the region, and a feature on the Assaubayev family, please refer to this month’s upcoming issue of Caspian Focus.