2008-04-14
Thomson Financial
LONDON (Thomson Financial) - Kazakhstan Kagazy Plc. said it has acquired a 90 percent stake in Central Asia's largest logistics and warehouse operator, Astana Contract JSC, for a total of $57.6 million.
Kagazy will buy the remaining 10 percent stake for $6.4 million after two years, subject to receiving approval from the State Development Bank of Kazakhstan.
Kazakhstan Kagazy will pay $25.6 million up-front from its IPO proceeds and finance deferred payments from its cash flows and said it will assume $39 million of Astana Contract's existing debt.