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Sovereign Wealth Fund «Samruk-Kazyna» JSC

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Samruk-Kazyna and ICBC agree to extend loan term on KMG Kashagan B.V. project

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11.06.2018 00:00


The delegation of the Sovereign Wealth Fund Samruk-Kazyna headed by the Chairman of the Management Board Akhmetzhan Yessimov held negotiations with the Chairman of the Board of Directors of the Industrial and Commercial Bank of China ("ICBC") Yi Huiman. The bilateral meeting was held within the framework of the state visit of the President of the Republic of Kazakhstan Nursultan Nazarbayev to the PRC.

During the meeting, the Chairman of the Management Board of Samruk-Kazyna JSC Akhmetzhan Yessimov agreed with the Chairman of the Board of Directors of ICBC Yi Huiman on interest rate reduction and extension of the loan term until year end 2022 granted by the Bank in 2015.

In addition, the parties signed a Memorandum of Cooperation between Samruk-Kazyna JSC and Industrial and Commercial Bank of China Limited and discussed future prospects. Yi Huiman, Chairman of the Board of Directors, noted that ICBC is interested in cooperation in three areas: first - the placement of bonds, the second - participation in the Fund’s privatisation as a strategic investor, and the third - the financing of specific projects.

Following the meeting, the head of Samruk-Kazyna JSC thanked the Chinese representatives and expressed appreciation for the joint work, confidence and desire to participate in the implementation of the Fund's projects, noting that in the future the Fund groups of companies may list on the Hong Kong and Shanghai stock markets.

Notes for editors: in 2015, Sovereign Wealth Fund Samruk-Kazyna JSC attracted USD 1.5 billion five-year syndicated term loan facility to finance the acquisition of a 50% stake in KMG Kashagan BV, in which ICBC acted as one of the mandated lead arranger.

 

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