Kazakh sovereign fund buys stake in domestic zinc producer
Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, has bought a 29% stake in Kazzinc, a domestic zinc producer controlled by Glencore.
Kuandyk Bishimbayev, deputy head of the fund, refused to disclose the value of the transaction, merely telling reporters that "these were borrowed funds." Samruk-Kazyna already owns stakes worth more than $80 billion in domestic companies, including mine operators, airlines, railways and banks.
Glencore owns just over 69% of Kazzinc and earlier said it wanted to increase its holding to 93% through a $3.2 billion commitment, comprising $2.2 billion in cash and $1 billion in equity. Samruk-Kazyna acquired its stake from Verny Capital, an investment group in which billionaire Bolat Utemuratov has a significant interest.
According to Halyk Finance, a Kazakh investment bank, based on the price Glencore paid in October for 18.91% of Kazzinc, Samruk-Kazyna's acquisition would have been worth about $2.1 billion.
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