Kazakhmys sells German unit to European family office

FTSE 250-listed international natural resource group Kazakhmys has sold Mansfelder Kupfer und Messing (MKM) for 42m euros to a European family office.

FTSE 250-listed international natural resource group Kazakhmys has sold Mansfelder Kupfer und Messing (MKM) for 42m euros to a European family office.

MKM is a German-based manufacturer of semi-finished copper products and Kazakhmys reported that it would receive €42m in consideration, including €12.0m on a deferred basis. It said that MKM was sold with debt of €137m. Kazakhmys also received a dividend of €10m from MKM in 2013.

Oleg Novachuk, Chief Executive Officer of Kazakhmys, said: "MKM is an excellent business, but did not fit with our geographic and strategic focus as a natural resources company in Central Asia."

He added: "We are pleased to have found a buyer who is committed to the business, which should be in the best interests of customers and employees and we wish all at MKM continued success in the future."

Kazakhamys' share price was down 2.12% to 319.20p at 12.01pm on Tuesday.

MF

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