ALMATY, Kazakhstan,
Sept. 19, 2011 /PRNewswire/ -- BMB
Munai, Inc. (NYSE Amex: KAZ) (the "Company") today announced that
it has completed the sale of all of its interests in Emir Oil LLP
to a subsidiary of MIE Holdings Corporation (HKEx: 1555), following
its receipt of necessary regulatory approvals and satisfaction of
the necessary conditions to closing the transaction. In
connection with the closing of the transaction, the Company repaid
in full the outstanding principal and accrued interest on its
10.75% convertible Senior Notes due 2013.
In the coming weeks, the Company's board of directors will meet
to determine the amount of the first of two anticipated cash
distributions to the Company's stockholders from the transaction
proceeds, such amount to be determined after giving effect to the
estimated closing adjustments and escrow amount and the repayment
of the convertible senior notes and after providing for the payment
of or reserve for other anticipated liabilities and transaction
costs. The Company intends to make a second distribution to
stockholders following termination of the escrow on the first year
anniversary of the closing date, subject to the availability of
funds to be released from the escrow, actual costs incurred and
other factors.
As previously announced, today the Company expects to file with
the Securities and Exchange Commission a Form 25 to effect its
voluntary delisting from the NYSE Amex, which is expected to be
effective on September 29, 2011.
Thereafter, the Company's shares will no longer be listed on
the NYSE Amex. Upon delisting from NYSE Amex, the Company
believes that its common stock will be eligible for quotation on
the OTCQB, part of the OTC Market Group, formerly known as Pink
Sheets LLC. While the common stock may be quoted over-the-counter
on the OTCQB, there can be no assurance that a market for the
Company's common stock will develop on the OTCQB or otherwise.
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking" statements regarding
the Company's anticipated cash distributions to stockholders and
the filing of various information with the SEC. All such
forward-looking statements are subject to uncertainty and changes
in circumstances, and there is no assurance the statements will
prove correct. Moreover, 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 economic, business and regulatory risks and
factors identified in the Company's periodic reports filed with the
SEC. 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.
SOURCE BMB Munai, Inc.