The Board of Directors of KMG EP has decided to create joint stock companies based on existing production facilities and elected new members to the Management Board, the company reported in a news release.
JSC KazMunaiGas Exploration Production reports on decisions made at the last meeting of the Board of Directors. The Board of Directors considered the company's management proposal to transfer significant powers to the production facilities "Uzenmunaygaz" and "Embamunaygaz”. The Board agreed with the suggestion to transform the two production branches into joint stock companies.
KMG EP will own 100% of the shares of the new entities. These changes involve the transfer to the newly created joint-stock companies of the fixed assets and the subsoil use rights, subject to approvals by appropriate authorities. Joint-stock form of ownership will give the companies necessary autonomy in the conduct of their business operations and will ensure their management’s responsibility, as well as transparency and compliance with modern standards of corporate governance.
As required by law, the Board of Directors commissioned an independent assessment of the assets that are to be transferred. Once it is approved by the Board of Directors, the creating of the new joint stock companies will be put on the agenda for an Extraordinary General Meeting of Shareholders of KMG EP.
The Board of Directors also elected the following Company employees to the Management Board: Deputy General Director for Production, Nurseitov A.A.; Managing Director - Financial ?ontroller, Fraser B.; Managing Director for Legal Affairs, Saulebay M.O.; Managing Director for Logistics and Contracts, Salimov E.R.; Director of the HR Department, Ashirbekova B.S. It was decided that Eshmanov K.J., Bekezhanova Zh.D., Aubakirov A.A., Biseken B.L., Hituov T.K. and Zhamauov Zh.K. will no longer serve as members of the Management Board.
Mrs Zh.Bekezhanova retains her position as Deputy General Director for Economics and Finance. She is currently on maternity leave.
