(SRI) – Kazakhstan-focused oil company BMB Munai, Inc. announced on Friday a special cash distribution of $1.04 per share from the proceeds of BMB Munai’s sale of its main production subsidiary Emir Oil LLP.
The initial dividend is payable to stockholders on October 24. BMB Munai also plans to make a second cash distribution of roughly $0.30 per share next year.
“The initial distribution amount was determined after giving effect to the estimated closing adjustments and escrow amount and the repayment of the company’s 10.75% convertible senior notes and after providing for the payment of or reserve for other anticipated liabilities and transaction costs,” BMB Munai said in a statement.
BMB Munai delisted its shares from the NYSE Amex effective on September 29, 2011, and its stocks are expected to be quoted over-the-counter.
In March, BMB Munai announced it reached an agreement to sell its interest in its wholly-owned subsidiary, Emir Oil, to China’s MIE Holdings for $170 million.