Kazmunai Gas – Minority Stake trading at near cash value, likely to realise soon

Just put a small (3% portfolio weight) into KazMunaiGas (Exploration and Production).

This is an unconsolidated subsidiary of the Kazakhstan National Gas company.  This subsidiary is quite a large company – worth c$4Bn.  The value of the cash / current assets is about $10.1 per share (more if you exclude treasury shares) whilst the share price is about $10.  In effect, you can buy an oil company pretty much for free.

Exiting KR1 – 4.5p +15% – not enough upside

Exited KR1.  The price went up a bit from my entry at 3.75.  Coupled with this, the price of the underlying crypto fell quite a lot – 20-30% following China’s ban on ICO’s.  Nothing like good timing – and this was nothing like good timing….

This left it at a discount of about 10% at one point, so I wasnt inclined to hold.  There has also been quite a bit of selling of KR1 – today all trades were pretty much sells…