For Immediate Release - August 05, 2003
PetroKazakhstan Share Repurchase Program
CALGARY, Alberta - PetroKazakhstan Inc. ("PetroKazakhstan") announces that it has received approval from the Toronto Stock Exchange to proceed with the renewal of its normal course issuer bid in connection with its share repurchase program.
The board of directors of PetroKazakhstan has concluded that the renewal of the normal course issuer bid is in the best interests of PetroKazakhstan and its shareholders as it provides PetroKazakhstan with a reasonable and flexible way of rebalancing PetroKazakhstan's capital structure.
The share repurchase program enables PetroKazakhstan to repurchase in accordance with the rules and policies of the Toronto Stock Exchange up to 5,775,028 common shares through the facilities of the Toronto Stock Exchange, representing 10% of its public float from time to time during the next 12 months. All shares purchased under the share repurchase program by PetroKazakhstan will be cancelled. PetroKazakhstan currently has outstanding 77,653,139 common shares. Under the current normal course issuer bid PetroKazakhstan has purchased 4,009,270 shares at an average price of Cdn $14.60 within the past 12 months.
The renewed share repurchase program will commence on August 7, 2003 and terminate when PetroKazakhstan has purchased the maximum allowable number of shares unless it provides earlier notice of termination. If not previously terminated, the renewed share repurchase program will terminate on August 6, 2004.
In connection with the renewed share repurchase program, the largest shareholder of PetroKazakhstan, Central Asian Industrial Holdings N.V., has agreed to participate in the program to maintain its current ownership percentage in PetroKazakhstan at approximately 19% of the outstanding common shares.
PetroKazakhstan Share Repurchase Program
CALGARY, Alberta - PetroKazakhstan Inc. ("PetroKazakhstan") announces that it has received approval from the Toronto Stock Exchange to proceed with the renewal of its normal course issuer bid in connection with its share repurchase program.
The board of directors of PetroKazakhstan has concluded that the renewal of the normal course issuer bid is in the best interests of PetroKazakhstan and its shareholders as it provides PetroKazakhstan with a reasonable and flexible way of rebalancing PetroKazakhstan's capital structure.
The share repurchase program enables PetroKazakhstan to repurchase in accordance with the rules and policies of the Toronto Stock Exchange up to 5,775,028 common shares through the facilities of the Toronto Stock Exchange, representing 10% of its public float from time to time during the next 12 months. All shares purchased under the share repurchase program by PetroKazakhstan will be cancelled. PetroKazakhstan currently has outstanding 77,653,139 common shares. Under the current normal course issuer bid PetroKazakhstan has purchased 4,009,270 shares at an average price of Cdn $14.60 within the past 12 months.
The renewed share repurchase program will commence on August 7, 2003 and terminate when PetroKazakhstan has purchased the maximum allowable number of shares unless it provides earlier notice of termination. If not previously terminated, the renewed share repurchase program will terminate on August 6, 2004.
In connection with the renewed share repurchase program, the largest shareholder of PetroKazakhstan, Central Asian Industrial Holdings N.V., has agreed to participate in the program to maintain its current ownership percentage in PetroKazakhstan at approximately 19% of the outstanding common shares.