SALT LAKE CITY, Aug. 5, 2011 /PRNewswire/ -- On August 5, 2011, BMB Munai, Inc. (NYSE Amex: KAZ)
(the "Company"), provided notice to the NYSE Amex of its intention
to voluntarily delist its shares of common stock ("Common Stock")
from the NYSE Amex. As previously announced, the Company will sell
its interest in its wholly-owned operating subsidiary, Emir Oil LLP
(the "Sale"), to a subsidiary of MIE Holdings Corporation (HKEx:
1555), contingent upon the satisfaction of certain closing
conditions. The Company intends to file with the Securities and
Exchange Commission a Form 25 relating to the delisting of its
Common Stock on the closing date of the Sale, with the delisting of
its Common Stock taking effect ten calendar days thereafter.
Accordingly, the Company expects that the last day of trading of
its Common Stock on the NYSE Amex will be ten calendar days after
the closing of the Sale. Upon delisting from NYSE Amex, the Company
believes that its Common Stock will be eligible to trade on the
Pink Sheets LLC (the "Pink Sheets"). While the Common Stock may be
quoted over-the-counter on the Pink Sheets, there can be no
assurance that trading in its Common Stock will continue on the
Pink Sheets or otherwise.
The Company's announcement of its intention to voluntarily
delist from the NYSE Amex is another step in a series of steps the
Company is taking towards the closing of the pending Sale.
About the Company
BMB Munai, Inc. is an independent oil and gas company engaged in
the exploration and test production of crude oil and natural gas in
Western Kazakhstan. The Company
maintains administrative offices in Salt
Lake City, Utah and Almaty,
Kazakhstan.
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking" statements regarding
the Company's proposed Sale, the closing of the transaction, the
delisting of its Common Stock from the NYSE Amex and the timing
thereof, and the quotation of the Company's Common Stock on the
Pink Sheets. All such forward-looking statements are subject to
uncertainty and changes in circumstances. No forward-looking
statements are guarantees of future results or performance and
involve risks, assumptions and uncertainties that could cause
actual events or results to differ materially from the events or
results described in, or anticipated by, the forward-looking
statements. Factors that could materially affect such
forward-looking statements include the failure of any one or more
of the closing conditions to the Sale, termination of the
definitive purchase agreement, and other economic, business and
regulatory risks and factors identified in the Company's periodic
reports filed with the Securities and Exchange Commission. All
forward-looking statements are made only as of the date of this
release and the Company assumes no obligation to update
forward-looking statements to reflect subsequent events or
circumstances. Readers should not place undue reliance on these
forward-looking statements.
NYSE Amex has neither approved nor disapproved of the contents
of this press release.
CONTACT:
Adam R. Cook
Corporate Secretary
+1-801-355-2227
USoffice@bmbmunai.com
SOURCE BMB Munai, Inc.