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Kazakhstan Kagazy buys rival logistics firm

Mon Apr 14, 2008 4:43am EDT

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ALMATY, April 14 (Reuters) - Kazakh industrial group Kazakhstan Kagazy (KAGq.L) said on Monday it would buy a 90 percent stake in rival logistics company Astana Contract for $57.6 million, using money raised in last year's IPO.

Kazakhstan Kagazy, which has interests in packaging, real estate and logistics, raised $240 million by placing a minority stake on the London Stock Exchange last July.

"Following this acquisition Kazakhstan Kagazy will become the market leader in warehouse and logistics infrastructure and the only Class A warehouse operator in Central Asia," Kazakhstan Kagazy said in a statement.

The company said it would pay for Astana Contract, whose key asset is a container terminal near commercial hub Almaty, in several instalments. (Writing by Olzhas Auyezov; Editing by Quentin Bryar)



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