Major and interested-party transactions

Major transactions

In the reporting period, no transactions recognised as major transactions under the Law of the Republic of Kazakhstan On Joint Stock Companies and KMG’s internal documents were made by the Board of Directors or the General Shareholders’ MeetingIn accordance with the Law On Joint-Stock Companies of the Republic of Kazakhstan, a major transaction is a transaction or a series of interrelated transactions resulting in the (potential) acquisition or disposal of property by a company, the value of which amounts to 25% or more of the total book value of such company’s assets.

Interested-party transactions

On 15 September 2022, the Company repurchased 50% of shares in KMG Kashagan B.V. from Samruk-Kazyna for USD 3.8 bln. The buyback is disclosed as an interested-party transaction and also as a transaction involving the acquisition or disposal of property, the value of which is 10% or more of the total book value of KMG’s assets. KMG exercised its call option as part of the 2015 share option agreement to buy back 50% of KMG Kashagan B.V. from Samruk-Kazyna. KMG Kashagan B.V. owns 16.88% of the North Caspian Production Sharing Agreement (Kashagan project).