I put a position on in this a couple of weeks ago @33p, its risen strongly since but is still a buy at 40p. Its a neat little company which hasn’t been widely covered (as far as I am aware). It has a healthy 6-8% yield. Pretty much all earnings are paid as a dividend. Its trading just above book value. My current position is a 3.5% portfolio weight, which feels a touch light. I am still adjusting to growth in the size of my portfolio and don’t want to be too heavy in illiquid stock, I may well add in time as this plays out.Continue reading “Steppe Cement $STCM – Kazakh Cement Company”
Tau – Vote no on Giveaway Sale
Just received a rather disappointing RNS from TAU.
To summarize they hold about $1m Cash and Stopharm – a Kazakhstan pharmacy.
They are suspended as they couldnt publish their results – being unable to value Stopharm. Continue reading “Tau – Vote no on Giveaway Sale”
Selling KMG +33%
Selling all my KMG today.
Tender offer has been made for $14.00. Slight unanticipated problem is that Kazakhstan has 20% withholding tax and to get it net of tax I need to submit an array of documents via my broker and trust that no-one along that chain messes up / decides I am liable for 20% tax.
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.
Continue reading “Kazmunai Gas – Minority Stake trading at near cash value, likely to realise soon”