ASTANA Feb 14 Kazakhstan's wealth fund
Samruk-Kazyna said on Thursday it had paid $1.65
billion for a 29.8 percent stake in Glencore-controlled
zinc producer Kazzinc.
The fund originally declined to disclose the sum of the deal
when its deputy head Kuandyk Bishimbayev told reporters about
the acquisition on Feb. 7.
Glencore also declined to comment at the time.
Local analysts then estimated the price of the stake,
acquired from Kazakh company Verny Capital, at $2.1 billion.
Samruk-Kazyna said on Thursday it had borrowed funds to
finance the Kazzinc deal, but gave no further detail.
The fund, Kazakhstan's largest holding company, added the
zinc miner to its stakes worth over $80 billion in domestic
companies including miners, airlines, railways and banks.
Its deal prevented Glencore from achieving its goal for
ownership of Kazzinc.
Glencore, which owns 69.61 percent, had earlier said it
intended to boost its stake in Kazzinc to 93 percent for a total
of $3.2 billion, including $2.2 billion in cash and $1 billion