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Kazakhstan Sovereign Wealth Fund Buys Stake in Kazzinc

Thursday 7 February 2013

(Reuters) – Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, has acquired a 29% stake in Glencore-controlled zinc producer Kazzinc, the fund’s deputy head said on Thursday, without disclosing the price, Reuters reported.

Glencore, which owns 69.61% in Kazzinc, had earlier said it intended to boost its stake in the company to 93% for a total of $3.2 bln, including $2.2 bln in cash and $1 bln in equity.

“The Kazzinc deal is closed, and today we own 29% in this enterprise,” Kuandyk Bishimbayev told reporters. “These were borrowed funds,” he added without giving further detail.

He said the shares had been bought from Kazakh company Verny Capital.

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