Glencore denied chance to gain full ownership of Kazzinc

Samruk-Kazyna, a wealth fund owned by Kazakhstan, revealed Thursday that it paid 1.65bn dollars for its newly acquired 29.8 per cent stake in Kazzinc, a zinc producer controlled by commodities giant Glencore.

The transaction means that Glencore has been unable to proceed with its intention to gain full ownership of Kazzinc, and retains a 69.61% stake.

The deal, which was first announced on February 7th, takes Samruk-Kazyna's holdings in domestic companies to more than $80bn, Reuters reported.

Samruk-Kazyna reportedly borrowed funds to make the purchase.

Glencore's share price edged 0.01% higher by 13:37.

NR