Kazakhstan Kagazy consolidates Astana Contract

ASTANA. February 25. KAZINFORM Kazakhstan Kagazy plc, one of Kazakhstan's leading industrial groups, today announced the acquisition of the remaining 10% stake in Astana Contract JSC, the largest logistics and warehouse operator in Central Asia, following the approval of the transaction by the State Development Bank of Kazakhstan.

The total consideration paid was US$ 6.4 million. The payment is effected in two tranches with US$ 0.6 million paid upfront and US$ 5.8 million being deferred to April 11, 2010. In April 2008, Kagazy acquired a 90% stake in Astana Contract for a total consideration of US$ 57.6 million. Astana Contract owns a full service container terminal which is located 1.8 kilometres from Almaty-1 railway station and near Almaty International Airport, with a processing capacity of 60,000 containers per annum and two class A storage facilities with 50,000 sq.m. of total space. In addition, Astana Contract owns approximately 60 hectares of land in Astana and Aktubinsk, conveniently located near roads and necessary infrastructure for construction of logistics facilities; Kazakh Embassy in the USA informs referring to Business Wire.