Aug 4 Oil and gas company Max Petroleum Plc
, which started a strategic review of its operations last
week, said it had sold a 51 percent stake in the company and
raised 37.1 million pounds ($62.4 million).
Shares in the Kazakhstan-focused company rose as much as 32
percent in trade and were the top percentage gainers on the
London Stock Exchange on Monday morning.
The strategic review will remain ongoing and Max is still
open to a sale of the company, it said in a statement.
Max Petroleum said AGR Energy, an investment vehicle of the
Assaubayev family, had acquired 2.26 billion new shares in the
company at 1.64 pence per share, a 33.9 percent premium to the
stock's Friday close.
The strategic review followed a tumultuous few months when
Max slashed its full-year production target, implemented cost
cuts and saw large shareholders, UBS Investment Bank and
Henderson Global Investors, drastically reducing their stake in
The London-listed company said it would appoint two nominees
of AGR Energy, Aidar Assaubayev and Kanat Assaubayev, to its
board by the end of this year.
Shares in Max Petroleum were trading up 20.8 percent at 1.49
pence at 0856 GMT.
($1 = 0.5945 British Pounds)
(Reporting by Roshni Menon in Bangalore; Editing by Gopakumar