The board of directors at Kazmu- naigas Exploration Production (KMG EP) has approved a pro- gram to repurchase the company's ordinary shares and Global Depositary Receipts (GDRs) after seeing its stock slump 34% over the last six months. The program will start in the "near future" and see KMG EP, the upstream arm of Kazakh state Kazmunaigas, buy back shares on the Kazakhstan Stock Exchange and London-listed GDRs up to the amount of $300 million. The company said the scheme would take up to the end of 2012 to exe- cute, while the stock will be ac- quired at the prevailing market price at the time of purchase. KMG EP's GDRs were trading up 5.25% at $16.94 after the an- nouncement on Sep. 16.
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