Its success should boost the confidence of Chinese acquirers in the country.
A joint venture between China National Petroleum and JSC National Company KazMunayGas (KMG) purchased JSC Mangistaumunaigaz (MMG) and its holding company, Central Asia Petroleum, for approximately $3.3 billion through an open trade on the Kazakhstan Stock Exchange (Kase).
The deal was most notable for being conducted on a single day over Kase. Because of tax rules put in place to encourage activity on the country’s exchange, the parties involved structured definitive agreements to ensure the purchase would complete on the exchange in an open trade.
This involved a complex intra-day movement of funds....